Too Many Households Earning $75,000 A Year are Living Paycheck to Paycheck

Even households earning as much as $75,000 annually, which is considerably more than the median U.S. income, are struggling to make ends meet, living paycheck to paycheck, according to a new for SunTrust by Harris Poll.
Nearly a third of these households earning $75,000 live paycheck-to-paycheck at least sometimes.

In all, 44 percent conceded that spending on non-essential purchases – like dining out and entertainment – causes them to save less than they should each month. For millennials with the same household income, that number jumps to 71 percent.
The U.S. median household income was just under $52,000 in 2014.
SunTrust released the poll results as the bank announced a new savings program, Live for a Sunny Day, which provides tools and expert advice to help people establish “healthy savings routines.”
“We are providing tangible resources and inspiration to help people put more money aside for their most important moments, whether that’s an upcoming wedding, dream vacation, opening a new business or starting a family,” said Brad Dinsmore, consumer banking and private wealth management executive at SunTrust Bank.
Here are the key findings from the survey of households earning $75,000 or more annually:

  • A third said a lack of financial discipline at least sometimes holds them back from achieving their goals.
  • Among those who are not saving as much as they believe they should because of spending on lifestyle purchases, 68 percent blamed dining out as the main reason. Among millennials (ages 18-34), 70 percent blamed dining out.
  • Fifty-three percent of those ages 35 to 44 believe they are saving enough to live comfortably in retirement. Among those ages 45 to 54, however, that number drops to 37 percent.

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