Where do Consumers Get Their Spending Money?

Sep 14, 2022 | Ask "Z" Economist, No Bull Economics

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A recent US Census survey (which allows multiple responses) reveals that 2/3s of respondents are meeting at least some of their spending needs solely from regular income sources (salaries from their jobs). Notably, this means that 1/3 of respondents have no work income.

Over 1/3 of respondents are relying on borrowing from credit cards or loans and 27% are relying on savings or selling assets to meet their needs.

The survey also reveals that 15%+ of the respondents are relying on some form of government assistance to help meet their needs.

In a healthy economy, consumers would be able to meet almost all their spending needs from the regular pay provided by their jobs.

Spending Money Graph

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