A third of higher income Americans are living paycheck-to-paycheck, even when they earn $75,000 a year because they would rather spend money on eating out and experiences than save money for retirement, according to a new survey.
In a poll of 519 households earning $75,000 or more, nearly a third of them live paycheck-to-paycheck, at least some of the time, SunTrust Bank found. Almost half (44 percent) of participants said that spending on lifestyle purchases – like dining out and entertainment – causes them to save less than they should each month.
Eating out was the biggest reason people said they are not saving enough, with 68 percent of respondents giving it as their main excuse. But one third of participants said a lack of financial discipline at least sometimes holds them back from achieving their goals.