Here's how American families, from the poorest to the richest, spend their money

Interesting slide shows about the world Slideshow World by [ArcaMax](?ezine=782&lctg=D0FtUlX0YdOUrV9rVUEubuoU613BSpv3i_Gtw9CQCJY&r=If5-dkwNiZ7ETLfPQZYs-dzkgYABlhq8AuUSASvlHJ9DOjMyNzAwODM2NDpKOjIxOTg0MTQ6TDo3ODI6Ujo1Mjc0NTM6Vjo1Ng) [Here's how American families, from the poorest to the richest, spend their money]( Paxtyn Merten [ Here's how American families, from the poorest to the richest, spend their money ]( [See full slideshow »]( Americans certainly know how to spend money. And they're doing it at escalating rates—even outpacing inflation. U.S. households spent an average of $67,000 in 2021 on everything from groceries to political contributions, according to Bureau of Labor Statistics data. That was a 9.1% increase over 2020. Pre-tax incomes were up about 3.7%, and the Consumer Price Index—which measures inflation through urban prices of various goods and services—increased by 4.7%. Predictably, the highest expenditures among all income brackets are on necessities like housing, transportation, and food. But spending can vary widely among demographics. CouponBirds used 2021 BLS Consumer Expenditures Survey data to analyze spending differences based on pre-tax household income, examining spending overall and within four major categories. Spending increased within all income brackets in 2021 and grew faster than pre-tax earnings in each. Income inevitably has the most profound effect on how people spend. The idea of living paycheck to paycheck isn't new. Still, the data spells it out clearly: Lower-income households must spend a higher share on daily necessities—and don't make enough to cover even that, reinforcing cycles of poverty. Meanwhile, higher earners have more to save and invest in retirement. Among this data set, the average household size of all survey respondents was 2.4, with the highest income bracket at 3.2 people and the lowest income bracket at 1.7 people. While this analysis focuses on spending at various income levels, household size and other factors (age, race, place, etc.) also influence spending patterns. Continue reading to learn more about how Americans spend depending on household income. Visit thestacker.com for similar lists and stories. [Tweet It]( - [Facebook It]( Sponsor [ Fine Art Photo Of The Day Newsletter ] Fine Art Photo Of The Day Newsletter Enjoy the most famous and beautiful art masterpieces of the world with a subscription to the Fine Art Photo Of The Day newsletter. [Instantly Subscribe Now]( -- From the ArcaMax editors More Slideshow World from ArcaMax.com - [The 2023 housing market in 5 charts]( - [A brief history of the Cold War]( - [10 of the world's longest flights--and what to do if you're on one]( [Click To Unsubscribe]( | [Customer Service]( | [Privacy Policy]( | [California / Nevada Privacy Info]( 1706 Todds Lane, Box 311, Hampton, VA 23666 Copyright © 2023 ArcaMax Publishing [Facebook]( [Twitter](/ArcaMax)