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This is how Americans spend their money based on their education level

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Wells Fargo Investment Institute’s Tracie McMillion on the outlook for the markets, the U.S. economy and Federal Reserve policy and more women taking charge of their household finances.

A new analysis determined what Americans spend their money on based on their education level.

The study by Visual Capitalist Opens a New Window. , a media company, compiled its findings using data from the Bureau of Labor Statistics. The company split the education levels into four groups: less than a high school degree, high school degree, bachelor’s degree and master’s degree. The top level was “defined as having achieved a master’s, professional or doctorate degree.”

The first level, less than a high school degree, found the average household brings in about $17,979 income as well as $7,503 from social security. The study noted about 98.5 percent of all the money is spent and most of it is used on housing (23.5 percent), food at home (12.3 percent) and gas and insurance (8.2 percent).

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