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One-Third of High-Income Earners Live Paycheck to Paycheck

Dennis Rogers by Dennis Rogers
September 29, 2022
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One-Third of High-Income Earners Live Paycheck to Paycheck
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Inflation does not discriminate based on income. According to a new Bloomberg report, over one-third of Americans earning at least $250,000 annually are living paycheck to paycheck. Only 5% of the nation earns over $250,000 per year, and this is who the politicians would call “the rich.” One in ten noted that they struggled to cover their household expenses in April.

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This is especially true for Millennials who lack decades of savings and were forced to purchase housing and other big-ticket items at the historically high price levels.  Among those earning $250,000 or more per year, 55.4% of Millennials reported living paycheck to paycheck compared to 26% of Boomers. In the $100,000 to $150,000 income range, 63% of Millennials reported an inability to save compared to 26% of Boomers.

Living paycheck to paycheck comes with the risk of slipping into debt. The Federal Reserve recently reported that 78% of Americans believed they were living comfortably financially, but they may be seeing the situation through rose-colored glasses. One in nine respondents from the same Fed survey admitted that they could not afford a mere $400 emergency expense. In this current economy, the wise are reassessing their spending as inflation is not expected to decline anytime soon.

The post One-Third of High-Income Earners Live Paycheck to Paycheck first appeared on Armstrong Economics.

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