Studies show that people do a poor job of guessing how their economic situation compares to other people (example studies here, here, and here). This situation makes sense. It is impolite to pry into other people’s finances. Most people’s knowledge about what constitutes a “high” or “low” income comes from the brackets they read when filing their taxes. […]
A guide to QC MADASR students who are interested in household finance as a thesis topic.