According to a recent report from Merrill Edge, 70 percent of mass affluent Americans say they took on home improvement projects in the last year, such as plumbing, painting, and home cleaning, that they would normally hire someone else to do.
The report, released on April 26 by Bank of America, explores the financial concerns and priorities of mass affluent consumers, Americans with $50,000-$250,000 in investable assets.
This group, which consists of approximately 28 million households in the United States, has also shown over the last six months a rising concern over a number of financial issues, such as the cost of healthcare and being able to afford the lifestyle they want in retirement.
Other methods this group will utilize in order to meet financial obligations include cutting back on entertainment and personal expenses (61 percent), trimming day-to-day expenses (56 percent), and keeping the same car longer than they’d like to (49 percent). I would love to hear how you are saving money around the house and if you find yourself cutting back on your personal luxuries! Please comment below.