Anyone who has ever looked at a card reader and silently asked for approval knows that knot-in-the-stomach feeling. This reaction is usually blamed on tight budgets, but new research shows that even households earning $200,000 a year avoid their banking apps because the numbers on the screen seem stressful, not calming.
According to a new Harris Poll study, 40% of six-figure earners say they avoid checking their account balance to reduce stress, and that share jumps to 42% among those earning $200,000 or more. Nearly half of people in this group also report suffering from financial anxiety, and a majority feel guilty about complaining about money because they know they earn more than most others.
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The “Income Paradox Survey” was conducted online in the United States between July 31 and August 2. It looked at 2,109 adults nationwide, including 728 people with personal income of at least $100,000 and 280 people earning $200,000 or more, or about the richest 10% of earners. So people who say they’re stressed aren’t the outliers at the very bottom of the six-figure pack.
The biggest numbers explain why opening a banking app has become a real fright. Six figures now look more like survival than success. Harris finds that 64 percent of six-figure earners agree that six figures are “a mode of survival, not a sign of wealth,” and 52 percent say that even at that level, the American dream is not possible for them. About 1 in 3 people describe themselves as financially distressed, meaning they feel strained, struggling, or drowning in their finances.
Money is not spent on designer handbags or mansions. It will be the same categories that challenge everyone, but with higher prices. When Harris asked what was draining their income the most right now, six-figure earners cited groceries and household essentials first at 36 percent, followed by rent or mortgage payments at 32 percent, and health insurance or medical bills at 31 percent. Unexpected emergencies and transportation costs round out the top five, both at around 30 percent.
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These basics leave little room for spending on comfort. More than half of six-figure earners say things like regular vacations, driving a new car or dining out regularly fall into a financial “pressure zone” where they struggle to cover costs or actively avoid them to stay stable. It’s a quiet reset of what was once considered middle-class life.
To close the gap, many high earners are relying on workarounds that were once associated with people earning much less. Three-quarters of six-figure earners put daily bills on a credit card in the past three months because they were short on cash, not chasing rewards. This figure rises to 80% among those earning $200,000 or more. Nearly half of people in the $200,000 group say they rely on credit cards to make ends meet, and 45% say buy now, pay later has become an integral part of how they spend their money.
Coping strategies go beyond plastic. Among six-figure earners, 61% are already working a side job or considering doing so, and a significant share report selling personal items, cutting back on medical care, or even skipping meals to meet expenses. In the same survey, 62% said it seems almost impossible to keep track of their spending on a single income.
Rising prices haven’t helped. Data from the Bureau of Labor Statistics shows that consumer prices have climbed about 23% since 2019, meaning a salary that once covered a comfortable lifestyle now has to stretch much further to stay still. For households whose costs are concentrated on housing, health care, child care and debt, these years of inflation continue to resonate.
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This brings us to the real question: How much would it take for these high earners to finally feel safe instead of stressed every time they glance at a balance.
Harris asked this question directly. Half of six-figure earners say a household needs at least $200,000 a year to feel comfortably middle class where they live. Among those who already earn $200,000 or more, 75% say the same thing. Even more striking, 53% of six-figure earners say they wouldn’t feel financially secure if they didn’t earn double what they currently make, a view shared by 53% of the $200,000 group and 55% of all Americans.
In other words, many people already making $200,000 think they could only get closer to $400,000. Six-figure salaries used to be the finish line. In this survey, they’re more like mile markers on a moving track, where even the people up front are always looking over their shoulders, hoping the next notification isn’t another bill.
For anyone in this camp, speaking with a financial advisor can alleviate some of the drama surrounding these numbers. A good advisor can help high earners figure out where the money is actually going, develop a debt, savings and investment plan, and pressure test what “secure” really looks like in their household. It won’t fix rising prices or rewrite a paycheck, but it can turn a vague fear into a clearer map, which is often the first step to feeling less anxious every time the banking app turns on.
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This article About 42% of $200,000 earners avoid checking their bank accounts due to stress — and half say they would need double their income to feel secure, originally appeared on Benzinga.com
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