Sixty percent of millennials who earn more than $100,000 say they live paycheck to paycheck

  • According to a June poll, 60% of millennials earning over $100,000 live paycheck to paycheck.
  • Some of these millennials, dubbed HENRYs, enjoy a luxurious, comfortable existence.
  • In today’s economy, a household earning $100,000 is considered middle class in the United States.

Millennials who make a loans for CA residents lot of money are broke.

According to a poll released in June by PYMNTS and LendingClub, which reviewed economic data and census-balanced surveys of over 28,000 Americans, 60% of millennials earning over $100,000 a year claimed they live paycheck to paycheck.

It was discovered that around 54% of Americans live paycheck to paycheck. And almost 40% of high earners – those who make more than $100,000 per year — claimed they live like this.

That suggests that high-earning millennials aren’t the only ones who are overworked, but they are overworked more than their six-figure counterparts. According to the survey, living on a tight budget may have less to do with income and more spending.

This is due in part to lifestyle choices. Many of these millennials are HENRYs, which stands for “high earner, not yet wealthy.” Although the word was coined in 2003, it has come to represent a subset of 30-something six-figure earners who struggle to strike a balance between their spending and saving habits.

HENRYs are prone to lifestyle creep, which occurs when one’s quality of living rises in tandem with a growth in discretionary income. They want a pleasant, although pricey, a lifestyle that keeps them on the edge of poverty.

A $100,000 income isn’t the same as it used to be.

The economy is also a significant reason why millennials with six-figure incomes are broke

As stated in the research, “Living paycheck to paycheck has implications of scrounging for a living and poverty. The reality of living paycheck to paycheck in the United States now is much more difficult, and the present economic climate has just added to the complexity.”

It used the example of a college-educated 35-year-old earning more than $100,000 but managing a mortgage, student-loan debt, and a kid, which may leave them with little money set aside for large purchases or unforeseen expenses.

Affordability is a problem for this age. Income growth has just not kept pace with an exponential rise in living expenditures, and the pandemic has exacerbated the problem by causing job losses and wage cutbacks.

Since the 1970s, the cost of school has more than doubled, leaving many millennials with student debt. According to Priya Malani, the founder of Stash Wealth, a financial service that deals with HENRYs, 40% of her customers have school debt. They owed an average of $80,000.

The middle class has been diminishing due to the rising expense of living. According to the most current statistics available, the US middle class is defined as persons earning two-thirds to twice the median family income — around $48,500 to $145,500 in 2018.

As a result, a six-figure wage is no longer the norm. In today’s economy, a household earning $100,000 is considered middle class in the United States.

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