A recent Harris Poll conducted on behalf of Sun Trust bank has revealed that many Americans can’t save money these days because…they eat it! Not literally of course…it’s just that they spend it all at restaurants in exchange for eating food.
The poll found that as many as 44% of American households that earn 75,000 dollars or more a year, describe their households as “living paycheck to paycheck” because they dine out too much.
And A full 71% of Millennials with the same household income, say that entertainment and dining out expenses devour most of their extra income, making it almost impossible for them to save money for that possible future “rainy day” or other important living expenses that one might encounter in the future, such as weddings, vacations, children etc…
The bank commissioned the study to try to find out why folks and families aren’t saving more money. Similar studies on spending habits have uncovered that Americans now even spend more at restaurants than grocery stores. In January alone the country spent 50.4 billion dollars…eating and entertaining themselves at restaurants! Together, at home and in those restaurants, Americans spend over 100 billion dollars each month on food. That’s over 1 trillion dollars spent on food each year in the USA!
Yow! That’s a lot of eats! And wouldn’t you know it, that as of 2013 there were also 108 million American dieters, making 4-5 dieting attempts per year and spending close to 70 billion dollars on dieting and weight loss! That’s a whole lot of money spent on attempted weight loss after eating and gaining weight…when you figure that you could have just not eaten the food in the first place. Imagine the savings then?! I’m sure that Sun Trust Bank can…but we Americans would rather bight our tongues and eat them… rather than save money…or at least that’s sure how it seems.
But get this! According to the U.S. Department of Agriculture, when it comes to consumer food purchases, Americans spend the least on food consumed at home compared with just about every other country in the world…and our spending on food — proportional to our income — has actually declined since 1960! In fact, the average share of per capita income spent on food fell from 17.5 percent in 1960 to 9.9 percent in 2013.
So we, the richest citizens in the richest country in the world, could really be rich…if we’d just stop eating all of the profits…at bars and restaurants!
However, even in America, the less you make, the bigger your food spending will be relative to your income. For example: In 2013, people in the lowest income bracket spent an average of 3,655 dollars annually on food, which was 36 percent of their total income, while people in the highest income bracket, spent about 11,000 dollars annually on food, which was only about 8 percent of their earnings. So rich folks can spend 3 times as much on food as poor folks do but at 4 times the savings…so to speak. Go figure!
Which begs my final thought on the matter. Why do all of the wealthiest Americans get so bent out of shape about providing food stamps for the poorest and hungriest Americans, When it’s already 4 times more costly for the poor in America to eat, as a percentage of their income? Especially when eating seems to be our country’s national past time, with over-eating a close second?!…and besides, if we all really needed more money for ourselves, then, rather than taking food stamps out of hungry parent’s and children’s mouths…we could just as simply stop putting extra food…AKA our extra cash…in ours!
Let’s face it, rich Americans have more food to eat than anyone else in the world, and also love to show off about how fancy and extravagant they can be about eating it…But give a hungry guy a food stamp and watch him try to buy steak or lobster or even a cold soda so he can get in on the national orgy and enjoy a little fancy eating too, and we all want to burn him at the stake!
And if you just saw that as a barbecue metaphor…I rest my case.