Related to yesterday’s post about how much we make, today we bring you this chart that explains how we spend it.
But poor families spend a much larger share of their budget on basic necessities such as food at home, utilities and health care. Rich families are able to devote a much bigger chunk of their spending to education, and a much, much bigger share to saving for retirement. (The retirement line includes contributions to Social Security and to private retirement plans, by the way.)
You can read the full story here.