Wealthy Americans are anxious about making ends meet
Laffer Tengler Investments CEO and CIO Nancy Tengler explains why she's recommending investing in equities over bonds for the long term.
A growing number of Americans making six-figure salaries are worried about paying their monthly bills, according to a new survey published by the Federal Reserve Bank of Philadelphia.
The survey shows that more than 30% of respondents earning between $100,000 and $149,999 are concerned about making ends meet within the next six months. That marks a sharp increase from one year ago, when 21.3% of individuals in that income bracket expressed concern about making ends meet.
At the same time, about 32.5% of individuals earning more than $150,000 are worried about being able to pay their bills, which also marks an increase from the 21.7% figure reported one year ago.
Interestingly, those more affluent Americans are actually more worried about their finances than many individuals who are earning less money. About 29.8% of individuals making between $40,000 and $69,999 said they are concerned, up from 23.9% last year.
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Customers shop at a supermarket in Foster City, California, on Sept. 13, 2023. (Photo by Li Jianguo/Xinhua via Getty Images / Getty Images)
However, consumers making less than $40,000 are the most concerned, with about 40% worried about making ends meet, according to the survey.
By many measures, the economy is healthy. The labor market is continuing to chug along at a solid but moderating pace with employers adding 272,000 new workers in May. Job openings remain high, and the unemployment rate is holding mostly steady at 4%.
But Americans are also grappling with the highest interest rates in two decades and chronically high
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