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Are You Richer Than You Realize? A Shocking Number Of People Consider Themselves ‘Poor’ But They’re Really Among The Top 10% Of Earners
It’s surprising how many people earning more than most Americans still feel like they’re barely getting by.
According to a Bloomberg report, even those making over $175,000 a year – which puts them in the top 10% of U.S. earners – often don’t see themselves as “rich.” A quarter of those surveyed said they felt “very poor,” “poor,” or “just getting by” despite being in a financial position many would envy.
More than half of those surveyed expressed concerns about their financial future, with 25% doubting they would ever surpass their parents’ financial standing.
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So, what’s behind this disconnect? Why do people who seem to have it all still feel like they’re falling behind? One major factor is that while their incomes are high, so are their expenses.
Things like housing costs, education and basic living expenses have skyrocketed, leaving many feeling financially stressed. According to the latest Consumer Expenditure Survey from the U.S. Bureau of Labor Statistics (BLS), the average monthly expenses for American households amount to $6,440. Over the course of a year, this totals approximately $77,280 in household spending. Now, keep in mind that the median household income was just around $80,000 in 2023. Average earners can barely make ends meet based on these numbers.
As the cost of living rises, so does the pressure to maintain a certain lifestyle, making it harder for people to feel secure no matter how much they earn.
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A Bankrate survey found that while 64% of workers received a pay increase last year, 60% still feel inflation has outpaced their income growth. This has fueled a sense that even higher earnings aren’t enough to secure financial stability. For those in the top income brackets, it creates a paradox where they earn significantly but still feel financially insecure.
In addition, a Charles Schwab survey revealed that Americans now believe a net worth of $2.5 million is necessary to be considered wealthy, a 14% increase from the previous year.
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UK based foreign exchange brand Travelex has announced that the company has undertaken a major expansion in the UAE, with the launch of 13 new stores across Abu Dhabi and Dubai airports.
At Zayed International Airport, Travelex is doubling its store footprint from seven to 14 stores, including six new on-the-move kiosk (OTM) locations at arrivals baggage, airside departures and pre-immigration, and one new traditional landside store. The new landside store will offer both a cash management service that will enable the airport’s businesses to process cash, as well as traditional consumer cash services, including access to 62 currencies.
Travelex initially entered Zayed International Airport in late 2023 with seven stores and eight ATMs. The new stores reflect the growing passenger demand and customer requirements of the UAE’s newest airport. As a dominant force in the capital’s aviation sector, Zayed International Airport rapidly affirmed itself as a key hub for air travel, solidifying its position as a vital player in the global travel landscape.
At Dubai International (DXB), Travelex is in the process of launching six new stores across all three terminals, including new traditional stores and stores upgraded from OTMS. Two ATMS dispensing AED were also installed at Terminal 3 Arrivals earlier this year. DXB has also seen a considerable post-pandemic growth in pax numbers, reinforcing its status as a leading hub for international travel.
The 13 new stores across Abu Dhabi and Dubai means Travelex will be operating 60 locations across the country. The latest IATA figures show that Middle Eastern airlines saw a 9.6% year-on-year increase in demand for June 2024, while capacity increased 9.4% year-on-year.
Batu Dölay, Managing Director, Travelex Middle East and Türkiye said:
“We’re delighted to be expanding our presence at two of the most exciting and dynamic airports in the world. This investment reflects the growing global reach and passenger numbers of our UAE airport partners, and our commitment to providing even greater access to international travel money than ever before.”
About Travelex
Founded in 1976 Travelex has grown to become one of the market leading specialist providers of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. We have developed a growing network of ATMs and stores in some of the world’s top international airports, major transport hubs, premium shopping malls and city centres.
Travelex has built a growing online and mobile foreign exchange platform, and we also process and deliver foreign currency orders for major banks, travel agencies, supermarkets and hotels worldwide. In addition, we source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis – including central banks and international financial institutions. We also offer a range of remittance and international money transfer products around the world.
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