The bar chart illustrates how households with different income levels allocate their income across various categories of spending. Overall, it is clear that all three households spend the largest proportion of their income on housing and transport. Conversely, the least amount of spending is allocated towards entertainment and education. Notably, high-income families dedicate a significantly larger proportion of their income to retirement savings compared to their lower-income counterparts.
For families earning between $15,000 and $25,000 annually, housing takes up the biggest share of income, accounting for nearly 30%. This is followed by transport and utilities at about 18% and 13% respectively. Spending on food at home is also relatively high(12%) while very little is spent on eating out, entertainment, and savings, less than 5%.
Middle-income households dedicate the largest portion of their income on housing, approximately 30%. The next in line is transport, with an allocation of roughly 19%. Notably, these families spend a fifth of their budget on retirement savings, food, and utilities. The remaining basic essentials account for the lowest income.
Additionally, high-income earners allocate a significant proportion to housing(29%), retirement savings(17%) and transport(15%). However, entertainment, utilities, and education have a relatively low expenditure, about 6%. Food at home and eating out were less considered, with just one-fifth of their budget.