Even wealthy Americans are struggling to make ends meet
What financial pressures are wealthier Americans facing?
Wealthier Americans, including those making six-figure salaries, are facing financial pressures such as concerns about making ends meet, cutting spending on discretionary items like dining out and entertainment, and even reducing spending on essentials like food and medical care. This is due to high inflation and elevated borrowing costs impacting consumers' budgets.
How much did concern among $100,000-$149,999 earners increase?
Concern among those earning $100,000-$149,999 about making ends meet in the next six months increased from 21.3% a year earlier to 30.8%, according to the Federal Reserve Bank of Philadelphia's survey. The survey also found that 32.5% of those earning $150,000 or more indicated they are concerned about paying the bills, up from 21.7% a year earlier.
What percentage of six-figure earners worry about bill payments?
About one in three Americans making six-figure salaries are worried about paying their bills, according to a survey from the Federal Reserve Bank of Philadelphia. The survey found that 30.8% of consumers making between $100,000 and $149,999 a year are concerned about making ends meet in the next six months, up from 21.3% a year earlier. Similarly, 32.5% of those earning $150,000 or more indicated they are concerned about paying the bills, up from 21.7% a year earlier.