How the rich and the poor, and those in between, spend money

August 2, 2012

The Planet Money team posts this graph that details Americans' spending habits, broken down by income level:

A few interesting things to note here: Across income levels, everyone's biggest spend is on housing. There's not much variation in terms of how the different income levels devote resources on that front. Items that have pretty standardized prices — health insurance, for example, and utilities — tend to eat up a larger chunk of lower-income Americans' spending.

Where does the extra chunk of income go for higher-income Americans? Largely toward savings: According to these data, those who earn above $150,000 save a percent of their income that's six times higher than those earning between $15,000 and $19,999.

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