A quarter of U.S. households live paycheck to paycheck, analysis finds

Living "paycheck to paycheck" is a phrase often used term to describe households that are under financial strain. But what does it really mean, and how many people find themselves depleting their paychecks shortly after earning them?

Bank of America Institute defines living paycheck to paycheck as a households "where necessity spending is more than 95% of their household income, leaving them relatively little left over for 'nice to have' discretionary spending or saving." to be living paycheck to paycheck. 

"Many of these spending pressures are likely unavoidable, as they relate to family and housing costs," Bank of America Institute senior economist David Tinsley told CBS MoneyWatch.