Inflation and the rising cost of living in the US are partially to blame for HIFIs precarious financial situation. HIFIs' spending psychology comes from wanting to belongKnox said that there's often a disconnect between how much money HIFIs make and how much they can afford to spend. Much of HIFIs' spending psychology comes from wanting to belong, Knox said. People want to be able to afford the same clothes or concert tickets as their friends and family, so they keep spending money. AdvertisementSmall spending changes can boost future wealthMany people underestimate how much small spending changes can impact their overall wealth, Knox said.

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Persons: —, HIFIs, Zers, Natasha Knox, Knox, there's Organizations: Service, DINKs, Sherwood News, Business, Financial, Bureau of Labor Statistics Locations: Sherwood