Even Americans earning six figures are feeling the pressure as the rising cost of living forces those at the highest income levels to cut back on expenses and look for ways to stretch their money, according to a Harris Poll survey.
The results reveal a surprising sense of economic anxiety, with 64% of six-figure earners saying their income is not a marker of success, but just the bare minimum needed to support themselves.
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“Our data shows that even high-income people are financially anxious — they live the illusion of prosperity while secretly juggling credit cards, debt and coping strategies,” said Libby Rodney, chief strategy and futurist at Harris Poll, in a statement.
In fact, those earning US$200,000 (R$1.06 million) or more per year have turned to financial tactics often associated with disadvantaged consumers.
For example, 64% said they used rewards points to pay for essential items, 50% used “buy now, pay later” plans for purchases under $100, and 46% rely on credit cards to cover expenses.
The Harris Poll report also revealed how these big earners avoid spending: 49% skipped a social event to avoid splitting the bill, 48% faked an app like Venmo or Zelle (bill splitting app in the US) was not working to avoid a payment, and 45% postponed doctor appointments due to the cost.
And like most Americans, those with six-figure incomes also report that groceries and other essentials, in addition to housing and healthcare costs, are the top expenses draining their income.
In another sign of how stretched thin these high-income workers are, they are also looking for additional ways to earn extra money or save, according to Harris Poll.
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To support themselves financially, they are currently involved in or considering side jobs (61%), selling personal items (53%), skipping meals (41%), renting out all or part of their home (41%) and resorting to debt renegotiation or bankruptcy (38%).
“The illusion of wealth is exhausting: Many high earners say people assume they can afford everything, but behind the image of success lie silent sacrifices: avoided purchases, postponed plans and a fragile sense of security,” the report said.
The financial pressures detailed in the survey help explain why discount retailers like Walmart have reported an increase in the number of higher-income customers shopping at their stores.
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Meanwhile, voters in this month’s elections sent a strong message to lawmakers that affordability remains a central concern, even as inflation has reduced substantially since its 2022 peak.
And if wealthier Americans are feeling so much anxiety, it could signal that the economy as a whole is on shakier ground, as the richest 20% have been driving growth in recent years.
“The data also shows that the U.S. economy is being largely supported by the better-off,” Mark Zandi, chief economist at Moody’s, said in September. “As long as they keep spending, the economy should avoid a recession, but if they become more cautious, for whatever reason, the economy will be in big trouble.”
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