One in Three Million-Dollar Earners "Struggling to Get By" Amid Soaring Prices, Survey of US Workers Reveals

Willis Towers Watson Survey Results
36% of Employees Earning Over $100,000 Live Paycheck to Paycheck

A resident is looking around inside a store to buy groceries and daily necessities on April 12th (local time) in Alhambra, California, USA. [Image source=Yonhap News]

[Asia Economy Reporter Kim Jung-wan] Due to the surge in inflation, a survey revealed that more than one-third of Americans earning seven-figure salaries feel financially strained due to a lack of cash.

On the 16th (local time), CNBC reported that according to a survey by consulting firm Willis Towers Watson, 36% of employees earning $100,000 (approximately 129 million KRW) or more responded that they are "living paycheck to paycheck." This figure has doubled compared to the 2019 survey.

The survey showed that among employees earning $50,000 (approximately 64.5 million KRW) or less, 52% reported financial difficulties due to cash shortages, while 34% of those earning between $50,000 and $100,000 gave the same response. The only group that saw an increase in those feeling financially strained was the $100,000 and above salary group.

This survey was conducted from December last year to January this year, targeting 9,658 employees from large and medium-sized companies.

Mark Smrsek of Willis Towers Watson explained, "Even high earners are not exempt from economic difficulties caused by cash shortages," adding, "If high inflation continues, the financial hardships of employees will worsen."

He also noted, "High earners cited rising housing costs as their biggest challenge, while lower-income employees found increasing debt burdens the most difficult."

This content was produced with the assistance of AI translation services.