Too many U.S. high-income households not saving enough because they eat out a lot

You’re eating at restaurants too much, and this is hurting your bank account, says a new survey.

Last week, we reported on data from the United States Census Bureau that found consumers are officially spending more of their money at restaurants than at grocery stores. Ostensibly, consumers are avoiding the kitchen in favor of heading to a restaurant to feed themselves. This is an unwise decision considering that the average restaurant meal is about $7 and the average at-home meal is between just under $3.

A new survey suggests that this type of behavior is prompting many households, even high-income households, to live paycheck to paycheck.

On Thursday, SunTrust released the results of a new survey that discovered U.S. households earning $75,000 or more each year aren’t saving as much as they should. One-third of these households live paycheck to paycheck on occasion and nearly half (44 percent) say spending on certain lifestyle purchases, such as dining out and entertainment, causes them to save less than they should every month.

Moreover, 71 percent of millennials that earn the same household income also live paycheck to paycheck because of their questionable consumer purchases.

For those earning at least $75,000 annually, one-third reported their lack of financial discipline was holding them back from reaching their financial objectives. Also, 53 percent of respondents aged 35 to 44 said they are saving enough to live comfortably in the retirement. But this number dips to 37 percent for those between 45 and 54 years of age.

“It’s easier to stay motivated when you’re saving for goals that are connected to your values and bring you happiness,” said Brad Dinsmore, consumer banking and private wealth management executive at SunTrust Bank, in a statement. “We are providing tangible resources and inspiration to help people put more money aside for their most important moments, whether that’s an upcoming wedding, dream vacation, opening a new business or starting a family.”

The online survey was conducted with 519 adults between Mar. 26 and 30. It does not contain a margin of error.