Meet the “Henrys” (high earners not rich yet)

Many young people making high salaries still say they feel broke. A “Henry,” short for “high earners not rich yet,” is someone who lives an extravagant lifestyle combined with their student loans has very little money left over.  These “working rich” place a strong emphasis on travel, and often limit their spending on food and clothing in order to afford luxury trips.  While many have a desire to get their finances in order, very few take appropriate actions to do so.

Henrys are characterized by a higher-than-average income, little or no savings, and a feeling of low material wealth. Most of their earnings go toward current living expenses rather than building wealth with investments.

For additional information on high earners not rich yet, click here.

Teaching Suggestions

• Have students conduct online research to determine various financial attitudes and behaviors of people in different age categories and life situations.
• Have students prepare a video that recommending actions to the people described in the article.

Discussion Questions 

1. What factors might be influencing the financial activities of the people described in the article?
2. Describe possible financial concerns associated with these financial attitudes and behaviors, and recommend corrective actions that might be taken.