Does your restaurant habit leave you broke? You're not alone. Now a new study from SunTrust bank show that a number of households who earn $75,000 a year are living paycheck to paycheck because they're spending too much on "lifestyle expenses" like dining out.
Nearly one-third of the participants of the study that made $75,000 or more admitted that they are not "reaching their savings goals." Of those participants, just under 70 percent blamed their lack of savings on how much they spend at restaurants. This is not surprising considering that Americans are spending more on dining out than ever before. Last month, news broke that Americans officially spend more on dining out then it does on groceries. In January, the country spent $50.475 billion at restaurants alone.
Dining out may be bad of the bank accounts of those trying to save money, but it has had a positive impact on the paychecks of restaurant employees. A recent report by the Wall Street Journal revealed that because Americans are spending more on restaurants, owners have been able to hire more staff. Plus, restaurant operators are able to pay their staff higher wages, which in turn decreases turnover rates. This is good new for restaurant employees, many of whom live in poverty and are dependent upon public assistance to make ends meet.