Even wealthy Americans are struggling to make ends meet

About one in three Americans making six-figure salaries are worried about paying their bills, according to a new survey. The survey finds an increase in concerns among consumers making $100,000 or more about making ends meet over the next 12 months. Wealthier Americans are cutting spending, including on restaurants and entertainment. The findings highlight how high inflation and borrowing costs are affecting budgets. Almost a third of consumers making between $100,000 and $149,999 a year are concerned about making ends meet in the next six months. That’s up from a year earlier. Similarly, those earning $150,000 or more also indicated their concerns about paying the bills. Among all consumers, about one in three said they are concerned about making ends meet, up from a year earlier. Younger Americans are feeling more financial pressure than older ones. There was also an increase in higher-earning consumers being nervous about paying bills in the longer run. The survey found a notable increase in people who are currently able to pay their bills but are concerned they won’t be able to in the next six months. However, a growing share of wealthier consumers expect higher incomes this year, and consumers reported feeling more optimistic than they did a year ago. Despite financial stress, many Americans continue to spend aggressively on travel. The Transportation Security Administration expects record-setting air travel numbers this summer. To manage financial stress, consumers are cutting discretionary spending, taking additional jobs, borrowing more, and taking money out of retirement savings early.