Six-Figure Earners Increasingly Report Living Paycheck to Paycheck, CNBC Says
A CNBC Select report highlights how rising living costs are eroding the financial cushion once associated with six-figure household incomes, and suggests tools to help stretch budgets further.
Earning a six-figure income no longer guarantees financial comfort, according to a report from CNBC Select. The outlet profiled a millennial and her partner who together earn more than $100,000 annually but say they still live paycheck to paycheck.
CNBC attributed this shift to rising costs of housing, food, and other essentials, which it said have outpaced income growth for many households in recent years. The report noted that a six-figure salary, once considered a marker of financial security, increasingly fails to provide the same buffer it did in the past.
To help address this gap, CNBC Select recommended several financial products and tools aimed at making household budgets go further. These included high-yield savings accounts, which the outlet said can help earners grow emergency funds more effectively than traditional savings accounts, as well as budgeting apps designed to track spending and identify areas for savings.
The report also pointed to cash-back and rewards credit cards as a way for consumers to offset some routine expenses, provided balances are paid off in full to avoid interest charges, according to CNBC.
CNBC Select's coverage reflects a broader conversation among personal finance outlets about the changing relationship between income levels and financial stability, particularly amid persistent inflation in categories such as housing and groceries in recent years.
The report did not specify the exact income breakdown of the couple profiled or their location, but framed their experience as illustrative of a wider trend affecting middle- and upper-income earners.
Sources
- A millennial and her partner earn over six figures but live paycheck to paycheck. These products can make your money go further — CNBC — Top News
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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