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<ul class="summary-list"><li>A lot of Americans are saving way more than they need to.</li><li>That's largely due to anxiety about higher costs of living, especially in retirement, experts told BI.</li></ul>Being thrifty is a full-time job, one self-professed frugal spender told Business Insider. A 32-year-old based in Michigan, she's nailed down the science of cost-cutting, whittling her necessary expenditures to just $2,000 a month—around a third of her take-home pay.Despite making six figures, she pours much of her free time into frugal pursuits, like shopping secondhand and spending 30 hours a week making virtually all her food from scratch, including bread, pasta, and canned goods.At this point, it's more of a way of life, she said, requesting that she remain anonymous due to the public nature of her work. She said she's not planning on giving up her frugal habits anytime soon, despite the added inconvenience."I've definitely felt burned out by it at times," she said. "I think if either my fiancé or I were to lose our jobs, I think it would be much more stressful."Her anxiety about being financially insecure — despite being relatively well off — is becoming more common.While Americans are notorious for <a target="_blank" class="" href="https://www.businessinsider.com/gen-x-baby-boomers-savings-cant-afford-retirement-2024-4">undersaving</a> and overspending, there's a small but growing <a target="_blank" href="https://www.businessinsider.com/retirement-saving-henrys-401k-paycheck-to-paycheck-high-earners-millennials-2023-11">cohort of oversavers</a>—a group that socks away a lot more than the recommended 15%-20% of their gross income a year, despite having solid finances overall.That's largely driven by a more acute awareness of a higher cost of living, financial experts told BI, with Americans still scarred by the sharp rise in prices several years ago when inflation was raging around 9%.There are signs that the ranks of the oversavers in America are growing. A 2024 Bank of America study on <a target="_blank" href="https://ustrustaem.fs.ml.com/content/dam/ust/articles/pdf/2024BoA-PB_Study_of_Wealthy_Americans.pdf">wealthy Americans</a> found that 55% of people ages 21-43 increased their cash holdings over the last two years, despite having at least $3 million in investable assets. On average, the group had around 18% of their portfolios allocated in cash, much more than the 2%-10% <a target="_blank" class="" href="https://www.usbank.com/investing/financial-perspectives/investing-insights/percentage-of-cash-in-my-portfolio.html">recommended</a> by financial professionals. <a target="_blank" href="https://subredditstats.com/r/fire">Membership</a> on the subreddit r/<a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/financial-independence-retire-early">FIRE</a>—a forum used by high-earning, high-saving individuals looking to amass enough wealth to retire early — has seen a 265% rise in the past three years, according to the analytics site Subreddit Stats.The subreddit r/<a target="_blank" class="" href="https://subredditstats.com/r/henryfinance">HENRYFinance</a>—also populated by <a target="_blank" href="https://www.notion.so/America-s-cost-of-living-crisis-is-creating-a-population-of-over-savers-112f0f4b6661800e9c0ecd6024798ce2?pvs=21">high-earners</a> who swap wealth-building tips—has seen an even bigger explosion in that timeframe, with membership up over 9,000%.The wealthy are increasingly trying to cut costs. The discount chain <a target="_blank" class="" href="https://www.businessinsider.com/inflation-is-so-bad-wealthy-shopping-at-dollar-stores-2023-9">Dollar Tree</a> saw 3.4 million new customers from households <a target="_blank" class="" href="https://www.businessinsider.com/dollar-tree-will-sell-7-dollar-items-straying-from-model-2024-3">earning over $125,000</a> last year, the firm said in its first-quarter earnings call. High-income Americans are also more likely than other consumers to use coupons and shop secondhand. According to one study, 89% of households earning between $175,000 and $199,999 said they <a target="_blank" href="https://www.prnewswire.com/news-releases/affluent-americans-lead-charge-in-online-coupon-surge-as-frustration-with-the-economy-lingers-new-study-finds-302173624.html#:~:text=In%20fact%2C%20the%20highest%20segment,between%20the%20different%20age%20groups.">redeem coupon codes</a>, more than any other income group, and 9 out of 10 Americans making over $175,000 have <a target="_blank" class="" href="https://www.prnewswire.com/news-releases/shoppers-at-all-income-levels-seek-resale-first-as-economy-falters-301653101.html">purchased a resale item</a>, 14 percentage points higher than the average, another poll found.Kitty Ritchie, a financial advisor at Drucker Wealth Management, says she's seeing more clients who appear terrified to spend their savings, even as they age into retirement with ample cash set aside for emergencies."I think there are more people worried about spending the money. It's the ones that have accumulated it, they don't want to lose [it]," she said.<h2 id="7ab78d22-7b87-4695-bea0-c1da59d28026">Cost-of-living stress</h2>The pace of inflation has cooled significantly, but many Americans—even wealthy ones—are still dismayed that many costs are still higher overall."Even though people with six-figure incomes have a sizable amount of money coming in on paper, cost of living pressures are cutting into that pretty quickly," Ted Rossman, a senior industry analyst at Bankrate, said.High-income Americans may also be sensing less job security in the <a target="_blank" href="https://www.businessinsider.com/hiring-slump-professional-white-collar-jobs-recession-high-salary-2024-4">white-collar sector</a>, he noted. Companies have <a target="_blank" class="" href="https://www.challengergray.com/blog/job-cuts-fall-in-october-2024-but-ytd-up-4-from-last-year/">announced 664,839 job cuts</a> through the first 10 months of the year—the highest year-to-date total recorded since 2020, according to Challenger, Gray &amp; Christmas.Those uncertainties amplify <a target="_blank" class="" href="https://www.businessinsider.com/retirement-social-security-gen-z-millennials-uncertainty-fears-pensions-2024-4">fears of not retiring on time</a>, or at all, the 32-year-old saver from Michigan told BI. She pointed to her father, who depleted his retirement savings early after having to pay for cancer treatment out of pocket."I think no matter how stable it seems, it feels like there's a very real risk that you could have to work for the rest of your life, and I certainly don't want to do that," she said.Financial anxiety is higher than it was several years ago. According to <a target="_blank" class="" href="https://investorrelations.discover.com/newsroom/press-releases/press-release-details/2024/Discover-Survey-Anxiety-and-Avoidance-are-Driving-the-Financial-Lives-of-Many-Americans/default.aspx">a survey from Discover</a>, 80% of Americans said they felt anxious about their finances to some degree, up from 71% in 2021.Experts, though, say oversaving could hurt Americans trying to build wealth in the long run. Extreme savers could be <a target="_blank" class="" href="https://www.businessinsider.com/millennials-big-money-mistake-holding-cash-not-buying-stocks-investing-2024-10">losing out on big investment gains</a> over the course of years by piling up cash. They also risk lowering their quality of life, especially if saving means postponing necessary health or home expenses, Ritchie noted."It's the 78-year-old who's saved, worked hard, and done well, but he's not going to spend the money now. And that's the conversation of, 'you can't take it with you'," she said.

Americans' cost-of-living anxiety is creating a population of oversavers

Just the Facts – US Population: Steve Ballmer Talks Through the Numbers

<ul class="summary-list"><li>Europe may want to reconsider their calls for Ukrainian strikes on Russia, says Vladimir Putin.</li><li>Putin hinted that Russia could retaliate against their "small and densely populated countries."</li></ul>Russian leader <a target="_blank" href="https://www.businessinsider.com/putin-replaces-defense-minister-with-an-economist-2024-5">Vladimir Putin</a> says European countries should rethink their calls to let Ukraine use Western arms to strike his country."So, these officials from NATO countries, especially the ones based in Europe, particularly in small European countries, should be fully aware of what is at stake," Putin <a target="_blank" href="http://en.kremlin.ru/events/president/news/74132">told</a> reporters on Tuesday."They should keep in mind that theirs are small and densely populated countries, which is a factor to reckon with before they start talking about striking deep into the Russian territory," he continued.Putin's warnings come after several European leaders said that Ukraine should be allowed to attack Russian military targets. While Ukraine has been a <a target="_blank" href="https://www.businessinsider.com/ukraine-should-treat-latest-aid-like-the-last-war-experts-2024-4">large beneficiary</a> of Western military support, <a target="_blank" href="https://www.businessinsider.com/russia-finally-serious-about-its-war-spelling-trouble-for-ukraine-2024-5">US restrictions</a> mean that the country isn't allowed to mount attacks on Russian soil.NATO chief <a target="_blank" href="https://www.businessinsider.com/china-learn-use-force-if-russia-prevails-nato-chief-2024-2">Jens Stoltenberg</a> told The Economist, in an <a target="_blank" href="https://www.economist.com/europe/2024/05/24/natos-boss-wants-to-free-ukraine-to-strike-hard-inside-russia">interview</a> published Friday, that the prohibitions should be eased so that Ukraine can better defend itself."The time has come for allies to consider whether they should lift some of the restrictions they have put on the use of weapons they have donated to Ukraine," Stoltenberg said."Especially now when a lot of the fighting is going on in Kharkiv, close to the border, to deny Ukraine the possibility of using these weapons against legitimate military targets on Russian territory makes it very hard for them to defend themselves," he continued, referencing a <a target="_blank" href="https://www.businessinsider.com/nato-russians-do-not-have-numbers-for-breakthrough-in-ukraine-2024-5">recent attack</a> on Ukraine's northeastern city of Kharkiv.But such a move, Putin warned on Tuesday, could have "serious consequences" for Europe."This unending escalation can lead to serious consequences," Putin said. "If Europe were to face those serious consequences, what will the United States do, considering our strategic arms parity?"Representatives for NATO didn't immediately respond to a request for comment from BI sent outside regular business hours.Stoltenberg isn't the only European leader who believes that Ukraine should begin taking the fight to Russia."According with the law of war, it is perfectly possible, and there is no contradiction," EU foreign policy chief Josep Borrell <a target="_blank" href="https://timesofmalta.com/article/eu-top-diplomat-says-ukraine-right-strike-russia.1093118">said</a> on Tuesday. "You have to balance the risk of escalation and the need for Ukrainians to defend."Borrell's comments echo that of French President <a target="_blank" href="https://www.businessinsider.com/nato-emmanual-macron-france-join-ukraine-war-on-russia-conditions-2024-5">Emmanuel Macron</a>, who also called for restrictions to be lifted on Tuesday, per the <a target="_blank" href="https://www.ft.com/content/24804516-b67c-40cc-8684-ccbf06b38268">Financial Times</a>."How can we explain to Ukraine that they need to protect their cities but that they don't have the right to attack where the missiles are coming from?" Macron told reporters. "It's as if we were telling them we're giving you arms, but you cannot use them to defend yourself." "We must allow them to neutralize the military sites from which the missiles are being fired. But we cannot allow other targets in Russia to be hit, obviously civilian or military targets," he added.

Putin promises 'serious consequences' to 'small, densely populated' European countries calling for Ukrainian strikes on Russia

<ul class="summary-list"><li>Apple has been banned from selling the iPhone 16 in Indonesia.</li><li>The Indonesian government said Apple hasn't met a requirement for 40% of parts to be sourced locally.</li></ul>The Indonesian government has blocked Apple from selling its latest <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/iphone-16-review">iPhone 16</a> in the country because it does not meet local regulations.The latest iPhone, launched in September, has not passed the Southeast Asian nation's requirement that 40% of the material in smartphones and tablets sold nationally come from Indonesian producers. The policy is intended to protect domestic manufacturers and attract foreign investment.Indonesia's Ministry of Industry said in a statement on Friday that iPhone 16s cannot be imported for sale as Apple has yet to fulfill its investment commitment to obtain "local content level" certification.The ministry said 9,000 iPhone 16 products had already entered the country. It added that it would monitor the circulation of the devices and warned that if traded, the products would be classed as illegal.Apple's older products can still be sold in Indonesia, and visitors can use the iPhone 16 for personal use.Earlier this month, the Ministry of Industry said that Apple's investment of Rp1.5 trillion ($95 million) was still short of its Rp1.7 trillion commitment, <a target="_blank" class="" href="https://www.ft.com/content/698d07af-c163-4bc9-9a30-b82ca479e3e8">the FT</a> reported.Apple has already built four developer academies in Indonesia. In April, CEO Tim Cook said that the company was investigating the feasibility of <a target="_blank" class="" href="https://www.businessinsider.com/apple-tim-cook-indonesia-production-india-china-iphone-2024-4">establishing local manufacturing facilities</a> as it diversifies production away from China.<div type="image" title="Indonesian President Joko Widodo (R) meets Apple CEO Tim Cook (2nd R) at the National Palace in Jakarta, Indonesia on April 17, 2024." height="3518" width="4690" msid="114698217" hostid="261" sizebytes="474336"></div>With over 280 million citizens, Indonesia is the world's fourth most populous nation and a growing market for Apple.The iPhone maker saw a 6% year-on-year increase in its share of the premium smartphone market in Indonesia and now makes up 40% of sales of smartphones costing more than $600, according to <a target="_blank" class="" href="https://www.counterpointresearch.com/insights/indonesia-smartphone-market-q2-2024/">Counterpoint</a>, a technology market research firm.However, overall sales in Indonesia remain low compared to global levels, meaning the ban is unlikely to significantly dent Apple's sales. Of the 235 million smartphones Apple sold globally last year, the company only sold about 3.4 million in Indonesia, the FT reported.Apple did not immediately reply to a request for comment, made outside normal working hours.It comes at the start of a <a target="_blank" class="" href="https://www.businessinsider.com/apple-announcing-major-mac-updates-ai-rollout-earnings-week-2024-10">big week for Apple</a>, in which it reports earnings and is expected to introduce software and hardware updates, including its Apple Intelligence features.

Apple can't sell the new iPhone in the world's 4th most populous country

<ul class="summary-list"><li>I've lived in Canada for over a decade, and though it's not perfect, I prefer it to the US.</li><li>I've had major surgery and dealt with long COVID for years and haven't paid a cent for healthcare.</li></ul>When my partner was offered a job in <a target="_blank" class="" href="https://www.businessinsider.com/why-toronto-best-city-quick-trip-things-to-do-skip-2024-10">Toronto</a> 13 years ago, we felt like we'd won the lottery.We were living in the Midwest, where people stared at us as if they'd never seen a multiracial couple before and <a target="_blank" href="https://www.businessinsider.com/cosmopolitan-jessica-pels-career-advice-how-to-get-dream-job-2020-4">Cosmopolitan magazine</a> was covered with black plastic in the supermarket because it was too racy.We'd long wanted to live somewhere more diverse and walkable, with less violence. Settling in downtown Toronto — where we could walk or take <a target="_blank" class="" href="https://www.businessinsider.com/canada-via-rail-vs-amtrak-business-class-review-photos-2022-8">public transportation</a> and over half of the population was born outside Canada — was like being in a smaller, cleaner version of New York City.Add on the promise of Canadian healthcare, and we were close to nirvana.After living for more than a decade in Canada, we've come to realize that the <a target="_blank" class="" href="https://www.businessinsider.com/moving-to-canada-from-us-pros-cons-heathcare-home-prices">country is far from perfect</a>. But there are many factors that make it unimaginable for me to live in the US again.<h2 id="a284571f-bca4-4fba-a6f4-d7f8b2efefe7">Canada's healthcare system isn't perfect, but I prefer it to the US's</h2>Canadian healthcare has its downsides.While the majority of care is free, people typically have to pay out of pocket for prescriptions, <a target="_blank" class="" href="https://www.businessinsider.com/why-americans-dont-exercise-mental-health-crisis-depression-anxiety-fitness-2024-6">mental-health</a> care, and dental and vision care, which can make these services inaccessible to many.Despite that, I can't envision living without <a target="_blank" class="" href="https://www.businessinsider.com/dr-adam-kay-americas-been-gaslit-about-socialized-medicine-2019-12">socialized medicine</a> again. I had a complicated pregnancy and an emergency C-section and I developed long COVID four years ago, but I've never paid a cent for healthcare here.When I lived in the US, I worked in public health in California, helping uninsured families access care. I saw firsthand <a target="_blank" class="" href="https://www.businessinsider.com/how-get-medical-bills-reduced-negotiate-challenge-payment-plan-2024-9">how medical debt could ruin people</a>.There was also a brief time when I was in my 20s, before the Affordable Care Act, when I <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-millennials-giving-up-medical-care-cant-afford-costs-2024-2">lived without health insurance</a> in California and was terrified of getting injured and ending up with a huge hospital bill.<h2 id="82b9efcc-e263-4015-b997-fc1d979a471a">Traveling in Canada can be more expensive, but we've found ways to manage</h2><div type="image" title="landscape of Canada's Laurentian Mountains" height="3840" width="5760" msid="115259769" hostid="261" sizebytes="1759662"></div>Because of <a target="_blank" href="https://nationalpost.com/news/canada/airlines-fees-canada">federal regulations</a>, domestic flights in Canada are often more expensive than flights to the US. However, we've found ways to manage by coordinating work trips and visiting friends.<a target="_blank" class="" href="https://www.businessinsider.com/beautiful-natural-wonders-2018-7">Canada's nature</a> is one of our favorite aspects of living here. We've vacationed across the country, but we have a special fondness for Québec's Laurentian Mountains and the forests of Ontario.We also spent months in the Yukon subarctic, where we glimpsed a grizzly bear, lynx, moose, scores of ravens, and wilderness more pristine than I thought possible.<h2 id="001263da-7c4c-4498-aabe-c1e9c7dbf46c">We love the diversity in Toronto, but we have experienced racism</h2>My husband and I found friends through community groups and parent-and-baby classes with other immigrant parents. Our friends are from all over, including Nigeria, Russia, Pakistan, Mexico, China, and Peru.Living in such a global environment is simply second nature for our Canadian-born child, who became trilingual in kindergarten in a public French school.However, immigrants and people of color aren't always treated kindly, despite Canada having had an official <a target="_blank" href="http://pier21.ca/research/immigration-history/canadian-multiculturalism-policy-1971">multiculturalism policy</a> since 1971.My Afro-Latino partner often laments the racism he's experienced in Canada, which has been more directly harmful to him than the racism he experienced in the United States.For example, he sold his bike after nearly being hit by drivers so many times, including one who told him to get off the road before calling him the N-word.When he does porch drop-offs of kids' items I've sold on Marketplace, he gets followed and questioned by people who act like he's a thief.And when we renewed his employer-sponsored work permit at the border a decade ago, an immigration official grilled him and said, "Couldn't they find a Canadian for the job?"In part because of those experiences, my husband has felt compelled to connect even more with different BIPOC communities in Canada.After we moved here, he found out about his Indigenous Caribbean ancestry through genetic testing, and it has become an extremely important part of our experience as a family to educate ourselves about Indigenous people's histories, lives, and teachings. We see it as one of our responsibilities as settlers.<h2 id="859b0674-9e41-4b48-abbc-f3eccee0cca8">I prefer living in Canada to the United States</h2><div type="image" title="Canadian flag with Toronto skyline in the background" height="3744" width="5616" msid="115259767" hostid="261" sizebytes="940328"></div>The longer I live here, the less I feel like I belong when I travel back to the US.My family inhabits multiple marginalized identities — queer, <a target="_blank" href="https://economichardship.org/2023/04/the-disabled-tax-means-i-pay-extra-for-necessities-constantly/">disabled</a>, immigrant, and BIPOC — that are under attack in the US. The ability to live and thrive outside the US, with free healthcare to boot, has long made me feel survivor's guilt for enjoying that stability.There are trade-offs to Canadian life: <a target="_blank" class="" href="https://www.businessinsider.com/canada-housing-crisis-bubble-imploding-real-estate-prices-rent-decline-2023-11">Astronomical housing costs</a> caused by foreign investment and government policy make me worry that when my child is an adult, they won't be able to afford rent, much less buy a home.I'm also disabled and cannot work full time. If I'm ever without my partner's financial support, I wouldn't qualify for or be able to live on my province's <a target="_blank" href="https://www.tvo.org/article/people-cant-live-on-dirt-disabled-ontarians-push-for-odsp-reform">paltry disability benefits</a>.In the end, it's a balancing act.I will forever follow events in American society and politics, even when I someday become a Canadian citizen. But for my family's safety and health, there's no going back.

You Searched For "population" and got 5 results

Americans' cost-of-living anxiety is creating a population of oversavers

Jennifer Sor

Just the Facts – US Population: Steve Ballmer Talks Through the Numbers

Insider

Putin promises 'serious consequences' to 'small, densely populated' European countries calling for Ukrainian strikes on Russia

Kwan Wei Kevin Tan

Apple can't sell the new iPhone in the world's 4th most populous country

Polly Thompson

My husband and I moved from the US to Canada 13 years ago. We love the free healthcare here and the great friends we made.

Lygia Navarro

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