“Lowest-income families spend 40% of their money on what economists label luxuries.”

“It turns out that all Americans, regardless of income, spend a large percentage of their income on what economists categorize as luxuries…

The wealthiest families (the top fifth of earners) spend around 65% of their incomes on luxury goods and 35% on necessities, according to the study, which looked at spending habits between 1984 and 2014. Middle-income households weren’t far behind: They spend 50% on luxuries and 50% on necessities.

Even the lowest-income families (the bottom fifth of earners) spend 40% on luxuries and 60% on necessities, according to the study’s author, Torsten Slok, chief international economist for Deutsche Bank Securities…”

http://www.marketwatch.com/story/low-income-families-spend-40-of-their-money-on-luxuries-2017-06-28?siteid=yhoof2&yptr=yahoo

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