Saad Ullah
⬤ Money is getting tight for people at every income level - even those who earn a lot feel the strain. A Harris Poll shows that 64 percent of Americans who bring home six figure salaries no longer see that pay as a success badge - they treat it as the lowest amount that keeps them above water. Almost one in three of those high earners admit they live paycheck to paycheck, struggle or sink.
⬤ The numbers spell out a grim picture - only 23 percent of six figure workers say they prosper, while 32 percent of people who earn more than 200,000 dollars say the same. Forty-seven percent feel steady and comfortable - yet 22 percent stretch every dollar and leave no margin for error - another 10 percent either struggle or drown. Among workers who earn above 200,000 dollars, half use buy-now-pay-later plans for items that cost less than 100 dollars, 46 percent depend on credit cards to reach the end of the month and 45 percent delay medical care because of the price.
⬤ Well-paid households race to find ways to deal with the pinch. Sixty-one percent of six figure earners either run side jobs or plan to start one; 53 percent sell personal items; 41 percent skip meals to cut food costs; 38 percent weigh debt consolidation or bankruptcy. Prices for groceries, housing and healthcare climb - stores like Walmart now greet more shoppers who once spent at upscale outlets.
⬤ Those patterns carry serious economic heft. Six-figure earners supply a large share of consumer spending - if they keep cutting back, the wider economy will notice. Their new caution casts doubt on how long household outlays can shore up growth.
Saad Ullah
