Austin Frye Interviewed by MarketWatch About Financial Concerns by Income Level

February 25, 2018 | posted in: Blog, Financial Insights, In The News | by
Here’s what Americans earning less than $40,000 and over $100,000 worry about (and the middle class is split right down the middle).

Ali Malito, writing for Marketwatch, asked Austin for his thoughts on the differences on what different income groups worried about, financially.

“Retirement. Saving. College. Will.

Low-income families are too worried about day-to-day expenses and surviving to think about the long term, financial advisers say, and income inequality keeps these two types of households widely separated. “They need to take care of safety and shelter first,” said Austin Frye, founder and chief executive officer of Frye Financial Center in Aventura, Fla.


It’s not that retirement and having a will aren’t important to them, but they’re focused first on paying rent and having money set aside for healthcare, he said. “We can talk about college and how expensive it is but you can’t expect or even ask people in that bracket to do these secondary things — it’s too expensive.” The Fed’s survey had more than 6,600 completed responses and asked Americans about income and spending, employment, education and student debt and credit usage.”

 

Read more of Austin’s thought and the entire article here.