Over a third of Americans who make at least $250,000 per year say they’re living paycheck to paycheck, which Bloomberg suggests underscores how inflation is “taking a bigger bite out of Americans’ budgets at all ends of the pay spectrum.”
Another interpretation is that Americans making at least $250,000 – placing them in the top 5% of earners in the country – have horrendous financial literacy.
According to a survey by Pymnts.com and LendingClub, some 36% of households who make at least $250k – nearly 4x the median US salary – devote almost all their income to household expenses. Higher-income households are also more likely to put expenses on credit cards, though they’re also more likely to be able to pay off their balance in full.
The most squeezed people in the high-income category are millennials – those in their mid-20s to early 40s. Over half of top earners in that generation report having very little left at the end of each month.
Over a third of Americans who make at least $250,000 per year say they’re living paycheck to paycheck, which Bloomberg suggests underscores how inflation is “taking a bigger bite out of Americans’ budgets at all ends of the pay spectrum.”
Another interpretation is that Americans making at least $250,000 – placing them in the top 5% of earners in the country – have horrendous financial literacy.
According to a survey by Pymnts.com and LendingClub, some 36% of households who make at least $250k – nearly 4x the median US salary – devote almost all their income to household expenses. Higher-income households are also more likely to put expenses on credit cards, though they’re also more likely to be able to pay off their balance in full.
Read More: 36% Of Americans Making $250,000 Are Living Paycheck To Paycheck
