Financial anxiety is a common stress across several demographics, but families with dependent children is a group where it is felt most keenly, according to a recent study from the FINRA Investor Education Foundation and Global Financial Literacy Excellence Center. In fact, these stresses appear in families across the board regardless of income levels: "Even among respondents with higher than median income ($50–99K)," said the study's authors, "close to 60% reported feeling financial anxiety when thinking about their personal finances." Although financial stress is no respecter of salary level, families will have an easier shot at a livable wage depending on where they are in the United States. A new study from Lending Tree shows which states have the highest percentages of workers in occupations that pay above a living wage. Lending Tree found that 57.2% of American workers are employed in occupations where the median pay is greater than the living wage for families with two working adults and one child. That percentage drops significantly to 21.7% for single parents with a child. In the District of Columbia, which tops the list of states where workers are in occupations who earn above a living wage, the fields with the highest median pay are obstetricians and gynecologists ($95.57 an hour); public relations and fundraising managers ($88.41 an hour); and lawyers ($82.12 an hour). California is the state with the least amount of people in living wage occupations. The highest-paying hourly fields in the state are judges, magistrate judges and magistrates ($99.24 an hour); orthodontists ($99.03 an hour); and general internal medicine physicians ($97.83 an hour). However, the study asserts that only about a third of California's residents have a bachelor's degree, which is often a necessary component to land a high-paying job. To compile their list, researchers at Lending Tree used 2020 data from the Massachusetts Institute of Technology's Living Wage Calculator as well as 2020 data from the U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics program. See our slideshow above for the states with the highest and lowest percentages of workers in occupations paying above a living wage, and click here for the full study.
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