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Though there are many factors that influence consumers’ spending habits, household income is one of the most influential factors. There are noticeable differences in the ways that lower-income households spend their money versus higher-income households. While lower-income groups spend a larger share of their income on the basics, such as food and housing, they also devote a lower percentage of their wallets towards education, when compared with higher income groups. Expenses such as insurance and pensions, which do not have an immediately visible tangible value, account for a larger share of higher earners’ wallets.
