What do teachers, tech execs, and millionaires all have in common these days? Believe it or not—stress about money.
Yep, even the people you’d assume are financially set are feeling the pinch. A new report from Goldman Sachs reveals that rising costs are squeezing wallets across the income spectrum. In fact, nearly 4 in 10 workers making over $300,000 a year say they’re living paycheck to paycheck. That includes folks bringing in over half a million.
Surprised? You’re not alone.
For comparison, only about 16% of workers earning between $200K–$300K say they’re struggling. But as expected, the number jumps way up for lower earners—57% of those making under $50K say they’re barely scraping by.
So, what’s going on?
Let’s start with the obvious: life is just more expensive. Groceries, rent, college tuition—it’s all up. Way up. For example, a dozen eggs now costs $3.60. Before the pandemic? $1.40. And homes? The median price was $328,900 back in 2020. Now it’s over $413,000.
It’s gotten so wild that even millionaires are choosing to rent instead of buy, and that number has tripled since 2019.
But there’s another factor at play too: something economists call “lifestyle creep.” That’s when your spending quietly grows with your income. You make more, so you treat yourself more—until suddenly, that six-figure paycheck doesn’t feel like it stretches nearly as far as it should.
Still, even though they’re feeling the squeeze, high earners aren’t exactly giving up their luxuries. Instead, they’re making subtle shifts to stay afloat, like:
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Flying economy instead of first class
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Shopping at discount grocery stores
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Putting off big purchases—like cars, homes, and vacations
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Cutting back on subscriptions or even delaying weddings
So, if you’ve been feeling like you’re barely holding it together financially, you’re definitely not alone. The cost-of-living crisis is touching everyone—even those who seem like they “shouldn’t” be struggling.
The takeaway? It’s not just about how much you earn anymore. It’s about how far that money actually goes in today’s economy.
Source: Fortune
