ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

Wealthy Americans are cutting back expenses as they feel financial pinch

Nearly 30.8% of consumers making between $100,000 and $149,999 a year are concerned about making ends meet
UPDATED JUL 2, 2024
Image Source: Photo by Bastian Riccardi | Pexels
Image Source: Photo by Bastian Riccardi | Pexels

A recent report reveals how Americans, who are making six-figure salaries, are extremely worried about making ends meet. The survey finds that consumers who were previously considered wealthy are now struggling to buy essentials, via CNN.

A large number of wealthier Americans is trying to cut back on their expenditure and opting to stay home as much as possible to save money. The findings are reflective of the high inflation and the soaring borrowing costs that continue to create financial pressure on Americans.

According to the survey, nearly 30.8% of consumers making between $100,000 and $149,999 a year are concerned about making ends meet in the coming six months, as per the Philly Fed Survey. The metric is higher than the earlier number, which was 21.3%. Similarly, 32.5% of those earning $150,000 or more indicated that they were worried about paying the bills.

Photo by Karolina Grabowska: https://www.pexels.com/photo/quote-board-on-top-of-cash-bills-4386367/
Pexels | Photo by Karolina Grabowska

The survey also showed how the richer families were struggling more than the 23% of those making $70,000 to $99,999, according to the survey. About one in three (34.9%) said they are concerned about making ends meet, up from 28.7% a year earlier, as per CNN Business.

Furthermore, younger Americans are more likely to be feeling financial pressure than older. More than 40% of those between the ages of 18 and 35 years old said that they were concerned about making ends meet as compared to people who were above 65 years old.

The survey also found that 32.3% of those making $100,000 to $149,999 are worried about paying their bills in the next 7 to 12 months, which is up from 26.5% a year ago. There was an even bigger increase among those making at least $150,000, and 33% saying they are concerned, up from 19.8% a year ago, as per the survey.

The increase in the numbers is large and significant and may be on the rise in the coming years, as per the report.

Unsplash | Photo by Alexander Grey
Unsplash | Photo by Alexander Grey

On the bright side, the growing share of wealthier consumers expects higher incomes this year, which includes 40.8% of those making $150,000. Consumers also felt optimistic for the years ahead. Moreover, it was also seen that consumers indicate 43.1% of consumers indicate they are cutting on things like entertainment as well as essentials like medical care, food, and more. Other steps include taking additional jobs, borrowing more, and also taking money out of retirement savings before maturity.



 

Another poll conducted by Monmouth University’s Polling Institute found that 46% of Americans surveyed said they are struggling to remain where they are financially.

"Even with a declining inflation rate, prices continue to be much higher than they were four years ago," said Patrick Murray, director of the Monmouth University Polling Institute. "That’s the metric that has really mattered to many Americans over the past two years. Economic concerns may not be the top motivating factor for all voters but it defines the contours of this year’s election."

MORE ON MARKET REALIST
The sharks did not expect the product to taste as good as it did, considering what it was made from.
5 hours ago
The designer was also commissioned by top brands and worked for the royal family.
6 hours ago
The host had a look of bewilderment on his face which was absolutely hilarious.
7 hours ago
Things did not seem to be going well for the entrepreneur due to her high energy.
10 hours ago
The guest might have had high expectations, but they were quickly brought down to earth.
11 hours ago
The contestant was unable to contain her excitement and hugged the model.
1 day ago
Two of the players got it right, and while the player who lost didn't mind, fans were not satisfied.
1 day ago
Lisa celebrated her birthday in style with a perfect two-card guess to win the big prize.
1 day ago
Rick Harrison did what he could to console the guest who said that he had lost faith in NASCAR.
1 day ago
Both the guest and the expert were fascinated by how well the automaton worked.
2 days ago
One of the entrepreneurs broke down in tears, explaining all the struggles they had to go through.
2 days ago
She couldn’t believe it when her doll was appraised at a five-figure sum, and laughed in disbelief.
2 days ago
Ken Jennings truly has embraced "Jeopardy!" in every way possible at this point.
2 days ago
The comedian was impressed by the simplicity of the product and amused by the pitch.
3 days ago
Harrison usually makes smart deals on the show, but this vintage car buy turned into a costly mistake.
3 days ago
Had she started the game in a better way, she might have won the five-figure prize money.
3 days ago
Barbara Corcoran made the exact same offer, and she wasn't happy about being rejected.
4 days ago
The guest believed that it was worth a modest amount of money, but that was clearly not the case.
4 days ago
With James Holzhauer in the lead, Amy Schneider and Andrew He decided to joke around.
4 days ago
Barbara Corcoran told the founders that she had never seen Greiner so passionate.
4 days ago