8 Middle-Class Money Traps That Dont Exist Outside the US
Nasdaq Back in the 1970s, approximately 61% of American households were considered middle class now, that percentage has shrunk to just 50%, according to Pew Research Center. Meanwhile, the percentage of upper-income and lower-income households has risen over the past several decades. This has resulted in a widening income gap between households.
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But what makes the difference between income classes?
When it comes to the middle class, most people have some disposable income and have obtained some college education. Many of these individuals have also achieved a certain level of financial stability, and might even be preparing for retirement or have an emergency savings fund or other investments.
However, middle-class households also often carry consumer debt such as a mortgage or high-interest credit cards. They may also be more prone to falling for certain money traps or other financial pitfalls that those in the upper class might have successfully navigated away from.
