Americans with six-figure incomes are in 'survival mode'
3 days ago
- #financial-distress
- #six-figure-income
- #inflation-impact
- A six-figure salary no longer guarantees financial success, with many high earners describing themselves as financially distressed.
- One in three six-figure earners feel financially distressed, and two in three do not see it as a sign of wealth.
- High-income Americans drive 49% of consumer spending, the highest level in decades, despite many living paycheck to paycheck.
- Three-quarters of six-figure earners have used credit cards due to cash shortages, and over half would need to double their income to feel secure.
- Inflation has significantly devalued the purchasing power of a $100,000 income, with prices up at least 24% since 2020.
- The value of a six-figure income varies by location, with many families in expensive cities still feeling broke despite earning over $100,000.
- Consumer confidence is low, but spending continues to rise, driven largely by wealthy Americans.