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News

The Daily

Even at $75K Per Year, Many Still Struggle to Save

By:
Chris Gaetano
Published Date:
Apr 17, 2015
Money in piggy bankA recently released study from SunTrust has found that even wealthier Americans have trouble saving money, according to CNN Money. The study found that nearly one third of households in the U.S. making $75,000 or more a year have, at least some of the time, lived paycheck to paycheck, even if those paychecks are heftier than most. 44 percent of poll respondents said the reason for this was mostly due to overspending on discretionary purchases, and of those 66 percent said their most frequent purchases were dining out, said CNN. Younger people making the same amount of money are even more pronounced when it comes to their lack of savings: 71 percent said discretionary spending is what prevents them from saving money, said CNN.