Even wealthy Americans are struggling to make ends meet
CNN
About one in three Americans making six-figure salaries are worried about paying their bills, according to a new survey from the Federal Reserve Bank of Philadelphia.
About one in three Americans making six-figure salaries are worried about paying their bills, according to a new survey from the Federal Reserve Bank of Philadelphia. The survey finds a notable increase over the past year of consumers making $100,000 a year or more who are concerned about making ends meet over the next 12 months. A significant share of wealthier Americans are coping with financial pressure by cutting spending, including dialing back restaurant visits and entertainment. The findings underscore how years of high inflation and elevated borrowing costs continue to squeeze consumers’ budgets — even for those at the higher end of the income spectrum. Nearly a third (30.8%) of consumers making between $100,000 and $149,999 a year are concerned about making ends meet in the next six months, according to the Philly Fed survey, which was fielded from March 22 to April 6. That’s up from 21.3% of Americans in that income bracket concerned about making ends meet a year earlier.
