6-figure earning millennials developed better savings habits during the pandemic, but many still feel broke

• Henrys are typically 30-something millennials earning over $100,000, but who feel broke.
• They finally developed good savings habits during the pandemic and have so far maintained them as the economy reopened.
• But many high-earning millennials still feel broke, thanks to lifestyle choices and the economy.

It's a tempting world out there for Henrys.

Short for "high earner, not rich yet," Henrys are typically millennials in their early 30s earning over $100,000 and living in urban areas. The tend to live above their means and struggle to balance saving with spending, which leaves them feeling like they're living paycheck to paycheck.

During lockdown, many were forced into better financial habits, saving as much as $3,000 a month in some cases. But that meant a new challenge as the economy reopened: resisting their old lifestyle.

So far, two financial advisors who work with Henrys told Insider, they're doing a pretty good job.

Most have continued to keep "trucking along" with saving and investing the same way they did during the pandemic, Gideon Drucker, a certified financial planner at Drucker Wealth and author of the book "How to Avoid H.E.N.R.Y. Syndrome." said of his Henry clients. He added that putting a financial plan in place last year has given them a consistent, if not automatic, savings strategy to keep steering them in the right direction.

"Being able to see themselves save money and track their net worth according to a clear game plan has motivated them to keep it up and stay the course even as the world has opened up," he said. Even if clients are spending a bit more now, he added, they're just saving a bit less in the short term, rather than stopping completely.

Priya Malani, founding partner of Henry financial-planning firm Stash Wealth, has also seen Henrys continue to save, she said, primarily because they enforce automation such as a monthly automatic deposit from paycheck to savings account). "This keeps them working towards their goals regardless of macro- or micro-economic fluctuations."

She said she's seen many clients use the money they weren't spending on travel and dining out to pay down high interest credit credits. This has caused the amount of debt they're carrying to decrease and open up more cash to put toward savings instead.

Read more: 'High earner, not rich yet': How to tell if you're a 'Henry,' based on your salary, savings, and lifestyle

Saving more, but still feeling broke

Despite all these savings gains, some Henrys are still feeling strapped for cash.

Sixty percent of millennials raking in over $100,000 a year said they're living paycheck to paycheck, according to a survey by PYMNTS and LendingClub from June, which analyzed economic data and census-balanced surveys of over 28,000 Americans.

It's a sign that the strides in savings Henrys have made doesn't mean they're not spending, especially now that they have a bigger cushion to dip into.

Wealthy millennials are the most likely to spend their pandemic savings on travel, and Malani said she's already seen Henrys splurging more on travel to make up for a "lost year" of traveling. "Whether that's twice as many trips planned or twice as nice vacations planned, they're ready to get out and quickly," she said.

Some are also doubling the price tags on the weddings they postponed last year, spending as much as $200,000 on a wedding weekend. It's partly because they have extra money to do so, but also because vendors have inflated prices to recoup their losses.

Higher-income millennials planned to spend the most as the economy reopened, anticipating spending extra by splurging or treating themselves, according to a May report by McKinsey & Company. It put them in a prime position to lead the way in the economic recovery.

Read more: 60% of millennials earning over $100,000 say they're living paycheck to paycheck

The economy isn't helping

But it's not just lifestyle choices that have left Henrys feeling broke. It's also the state of the economy.

"Living paycheck to paycheck sometimes carries connotations of barely scraping by and of poverty," states the PYMNTS and LendingClub report. "The reality of a paycheck-to-paycheck lifestyle in the United States today is much more complex, and the current economic environment has made it even more complicated."

It cited the example of a college-educated 35-year-old earning more than $100,000 while juggling a mortgage, student-loan debt, and a child, which could leave them with little savings for big purchases or unexpected emergencies.

Millennials have contended with two recessions before the age of 40, an all-time expensive housing market, and the soaring price of education. Income increases simply have not kept up with an exponential increase in living costs, meaning $100,000 is no longer what it once was.

While Henrys still prefer a comfortable lifestyle, their continued pandemic savings habits indicate they might be on the road to striking a better balance between living for the now and setting aside money for the future. But in today's economy - especially as millennials enter their peak years for expensive life milestones like homeownership, marriage, and kids - such progress may feel like no progress at all.

Are you a millennial earning over $100,000 who is living paycheck-to-paycheck? We'd like to hear from you. Email hhoffower@insider.com.