According to a recent survey conducted by the National Association of Business Economics (NABE), Americans making over $150,000 a year are panicking more about their financial future than those earning between $40,000 and $70,000. The survey was conducted in light of the current economic crisis caused by the global pandemic.
The results of the survey came as a shock to many experts who believed that higher earners would be better equipped to handle any financial setbacks. However, it seems that the uncertainty and financial strain caused by the pandemic have affected even those in higher income brackets.
Here are some key findings from the NABE survey:
- 72% of Americans earning more than $150,000 a year reported feeling anxious about their financial future, compared to only 67% of those making between $40,000 and $70,000.
- Only 18% of individuals in the higher income bracket felt confident about their job security, while 25% of individuals in the lower income bracket reported feeling confident.
- When it came to saving for retirement, 61% of individuals making over $150,000 said that their plans had been impacted by the pandemic, compared to 53% of those making between $40,000 and $70,000.
These findings suggest that the financial impact of the pandemic has affected Americans across all income brackets. However, it is important to note that higher earners may have more at stake when it comes to maintaining their lifestyle and meeting financial goals. This could explain why they are experiencing more financial anxiety.
Experts believe that this trend could also be attributed to the fact that individuals in higher income brackets tend to have more investments in the stock market, which has experienced significant volatility during the pandemic. This has caused many to feel uncertain about their financial future and the performance of their investments.
In addition, with job losses and salary cuts affecting individuals across all income levels, it is understandable that those making more may be feeling more anxious about maintaining their lifestyle and supporting their families.