You would think that someone making between $100K-$150K would not be concerned about making ends meet, but even wealthier Americans making six-figure salaries are worried about paying their bills according to a new survey from the Federal Reserve Bank of Philadelphia. A significant share of wealthier Americans are cutting spending, reducing costs and looking for ways to save. Years of high inflation and higher borrowing costs continue to be a challenge for everyone, including the wealthy.
The survey shows that one in three Americans are concerned about making ends meet. Younger Americans are more likely to be feeling the financial pressure, but the concern now expands to the more affluent sector of society. The economy is showing signs of recovery, inflation seems to be slowing down and consumers reported feeling more optimistic than they did a year ago. Americans continue to spend aggressively on travel, but to manage financial stress, the survey shows that Americans are cutting spending on things like entertainment and dining out.
For more business news, follow us here. For business solutions to help you navigate these tough economic times, contact us today!
Comments