Financial Struggles Among Wealthy Americans

Reported 9 months ago

A survey by the Federal Reserve Bank of Philadelphia reveals that about one in three Americans earning six-figure salaries are concerned about paying their bills, showing a significant increase from the previous year. The survey indicates that even wealthier individuals are cutting back on spending due to high inflation and rising borrowing costs, with a notable percentage expressing financial concerns over the next 6-12 months. Despite some optimism about higher incomes, many are still adopting measures like reducing discretionary spending and even cutting back on essentials to cope with financial stress.

Source: YAHOO

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