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American Focus > Blog > World News > Six-figure incomes not enough to stop financial stress
World News

Six-figure incomes not enough to stop financial stress

Last updated: September 18, 2024 12:02 am
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Six-figure incomes not enough to stop financial stress
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By Susan Edmunds of RNZ

Financial strain is affecting high-income earners despite their substantial salaries, with factors like high interest rates, increasing council rates, and insurance costs playing a significant role.

Wellington mayor Tory Whanau’s recent revelation that she had to sell her car to manage her expenses raised eyebrows, considering her $190,000 annual income and past lottery winnings of $1.4 million. However, Angela Smart from MoneyTalks noted that Whanau’s situation is not uncommon.

There has been a noticeable rise in affluent individuals seeking financial assistance, with around 20% of MoneyTalks’ clients earning above the average household income of $130,000. Retirement Commission data indicates that only 55% of households earning $100,000 to $149,000 feel financially comfortable, while 68% of those earning $150,000 or more share the sentiment.

Smart highlighted a shift in the demographic seeking help, particularly from mortgage holders grappling with increasing interest rates. Rising living costs have squeezed many households, forcing some to consider cutting back on essentials like insurance.

Despite their financial success, many high-income earners struggle to manage their wealth effectively. Lifestyle inflation and a lack of financial literacy contribute to their financial challenges. Breaking the stigma around discussing money and seeking help is crucial to fostering a more sustainable approach to wealth management.

Statistics reveal that the cost of living has surged for high-spending households, with interest payments soaring by 27%. In contrast, beneficiary households experienced a lower increase in expenses. The burden of unexpected financial setbacks also drives affluent individuals to seek financial guidance.

Financial coach Shula Newland emphasized the importance of making sound financial decisions, even if it means downsizing luxury items like cars to reduce debt. Adopting a more prudent approach to spending and investing can help high-income earners navigate financial challenges more effectively.

See also  Tait's five-wicket bag puts Burnside on brink of Metro two-day title
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