High earners are feeling low

• Americans making more than $100,000 are feeling bad about their personal finances.
• They're also feeling a lot worse about the government's economic policies.
• Those personal and political concerns could impact Tuesday's midterm results.

Americans making six figures aren't feeling too hot.

Consumer sentiment is near historic lows, and according to Morning Consult's weekly tracking, households earning $100,000 or more have seen their sentiment drop to its lowest in months.

That dip is a worrying sign for spending — which is overwhelmingly powered by higher earners — and potentially pivotal as consumers gear up to vote in contentious midterm elections.

Late in the summer of 2025, 45.2% of six-figure Americans felt their finances were getting better. That dropped to 32.5% at the new year, and 30.2% in the week ending October 26.

Of course, lower-income workers still feel worse, especially as they're disproportionately impacted by soaring prices. Similarly, workers a bit further up on the income spectrum are also feeling strained, especially with inflation increasing more than wages in recent months. Middle-income workers surveyed by Pew Research said they don't have rainy-day funds that could cover three months worth of expenses, and just 47% said they were able to save money over the past year.

While higher-income households are still powering the consumer spending that's helping keep the economy afloat, that may be cooling. Year-over-year spending increases for the highest third of earners have slowed since June and are now similar to those of their middle-income counterparts, according to an analysis from the Bank of America Institute. The top 5% of earners, who earn far more than $100,000, still have the fastest spending growth, according to the BofA analysis.

At the same time, higher earners' perceptions of their own position have changed: Half of high-income families — who earn over $155,600 — identify as working class. High gas and oil prices have also begun to strain higher-earners, as inflation, powered primarily by soaring energy costs, remains high.

The declining sentiment comes as a U-shaped pattern emerges in economic perceptions: Both high and low earners are more likely than their middle-income counterparts to say they're living paycheck to paycheck. For higher earners, that lifestyle creep and even rising costs might be contributing to their vibes.

That continued dreariness among higher earners might prove particularly potent in the coming days. As swing state midterms loom, affordability is top of mind for many voters, and higher earners are no exception — they're increasingly disenchanted with the government's economic policy.

For politicians campaigning on affordability, that might mean a newly energized constituent base eager to bring down prices: Economically-worried six-figure voters.

Are you a six-figure earner feeling worried about the economy? Share your story with this reporter at [email protected].