2 charts show how the highest and lowest earners spend their money

The Bureau of Labor Statistics data for 2024 shows that high-income households spend significantly more on housing, personal insurance, and transportation than low-income households, though the latter allocate a higher share of their income to essential expenses like food and healthcare. This disparity highlights how economic pressures disproportionately affect lower-income Americans, who are increasingly cutting back on discretionary spending due to rising costs and job market challenges.

Read the full article at Business Insider

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