6-figure earning millennials developed better savings habits during the pandemic, but many still feel broke

“Henrys” are typically millennials earning over $100,000. They finally learned how to save during the pandemic, but their wallets still feel tight.

“Henrys” are keeping up with the better savings habits they acquired during lockdown. Edward Berthelot/Getty Images

By Hillary Hoffower

It’s a tempting world out there for Henrys.

Short for “high earner, not rich yet,” Henrys are typically millennials in their early 30s earning over $100,000 and living in urban areas. The tend to live above their means and struggle to balance saving with spending, which leaves them feeling like they’re living paycheck to paycheck.

During lockdown, many were forced into better financial habits, saving as much as $3,000 a month in some cases. But that meant a new challenge as the economy reopened: resisting their old lifestyle.

So far, two financial advisors who work with Henrys told Insider, they’re doing a pretty good job.

Most have continued to keep “trucking along” with saving and investing the same way they did during the pandemic, Gideon Drucker, a certified financial planner at Drucker Wealth and author of the book “How to Avoid H.E.N.R.Y. Syndrome.” said of his Henry clients. He added that putting a financial plan in place last year has given them a consistent, if not…