Recession Fears Lead High-Earning 'HENRYs' to Tighten Belts and Save More
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Many high-earning Americans called HENRYs are changing their spending habits due to recession fears and high inflation.
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HENRYs in their 20s making around 6 figures are saving more, spending cautiously, and focusing spending on experiences.
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Some HENRYs aim to save over 50% of income to gain freedom to retire early or build a financial cushion.
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Younger HENRYs tend to prioritize travel and experiences over material goods compared to previous generations.
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To save more, some HENRYs budget strictly, limit eating out, live frugally, and avoid "empty materialism" purchases.