High costs and slower wage growth squeeze America's HENRYs
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HENRYs (high earners, not rich yet) are facing slower wage growth and higher costs than lower income groups. Childcare costs have risen over 30% since 2019, impacting HENRYs the most.
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HENRYs are more vulnerable to layoffs as hiring cools in white-collar roles like business services. However, blue-collar and hourly roles are still booming.
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Due to high inflation, HENRYs are trading down and spending less on non-essentials. They are frequenting cheaper stores and restaurants more.
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Higher home values have increased HENRYs' net worth, but tapping into home equity is challenging with higher interest rates. Many feel financially insecure.
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HENRYs are struggling to balance financial goals like retirement savings, loan repayments, childcare costs, etc. The economic pinch means they may stay HENRYs longer.