Current:Home > MarketsThe average American feels they need to earn over $180K to live comfortably, survey shows -AssetLink
The average American feels they need to earn over $180K to live comfortably, survey shows
View
Date:2025-04-17 02:34:58
More and more Americans are saying they feel financially unstable, with diminishing hopes of saving money for retirement, their children's education or for a rainy day fund. A recent Bankrate survey found that three in four Americans say they are not completely financially secure.
The average American requires a much larger income to live comfortably, the report found. Currently, the average full-time worker makes about $79,000, according to the U.S. Census Bureau. Meanwhile the survey found the average American needs an income of $186,000 to live comfortably.
Bankrate author Sarah Foster identified some reasons as to why Americans are feeling financially unstable: "Prices have risen almost 21% since the pandemic, requiring an extra $210 per every $1,000 someone used to spend on the typical consumer basket, Bureau of Labor Statistics data shows," Foster wrote.
She continued, "Not to mention, other longer-term challenges from housing to college affordability are at play."
What amount of income would translate to living comfortably?
The average American needs an income of $186,000 to live comfortably, according to the report. More than 2,400 Americans were surveyed by Bankrate in May.
Younger generations responded to the survey saying they need to make more money to feel comfortable.
- Generation Z and Millennials had the highest average perceived income needs at $200,000 and $199,999, respectively.
- Generation X had lower perceived income needs on average at $183,000.
- Baby boomers said they need to make $171,000 annually to live comfortably, according to the report.
Mark Hamrick, Bankrate senior economic analyst said,Many Americans are stuck somewhere between continued sticker shock from elevated prices, a lack of income gains and a feeling that their hopes and dreams are out of touch with their financial capabilities.
About 25% of respondents said they would need an income of $150,000 or more to feel financially secure, while 7% said they would need to earn $500,000 or more.
Bankrate survey:Credit card debt threatens to swamp savings
How many Americans say they feel financially secure?
A quarter of Americans said they are completely financially secure, a slight decrease from 28% in 2023. On the other side, the share of Americans who said they are not completely financially secure increased from the previous year.
People are feeling pessimistic about their future finances: Three in ten respondents said they will likely never be completely financially secure.
veryGood! (8816)
Related
- How to watch new prequel series 'Dexter: Original Sin': Premiere date, cast, streaming
- Map shows states where COVID levels are high or very high as summer wave spreads
- Jaguars, Macaws and Tropical Dry Forest Have a Right To Exist, a Colombian Court Is Told
- Travis Kelce Reacts to Fan's Taylor Swift Diss After He Messes Up Golf Shot
- North Carolina trustees approve Bill Belichick’s deal ahead of introductory news conference
- The 2024 Volkswagen Jetta GLI is the most underrated car I’ve driven this year. Here's why.
- Kate Middleton and Princess Charlotte Ace Wimbledon 2024 During Rare Public Outing
- ‘Despicable Me 4’ reigns at box office, while ‘Longlegs’ gets impressive start
- US wholesale inflation accelerated in November in sign that some price pressures remain elevated
- Inside Scattergood, the oldest structure on the CIA's campus
Ranking
- British swimmer Adam Peaty: There are worms in the food at Paris Olympic Village
- Did he want a cat scan? Mountain lion makes surprise visit to Arizona hospital
- Trump rally attendees react to shooting: I thought it was firecrackers
- Spoilers! How Nicolas Cage's mom inspired his 'Longlegs' 'boogeyman'
- Tropical weather brings record rainfall. Experts share how to stay safe in floods.
- JoJo Siwa faces rejection from LGBTQ+ community. Why?
- Gnatalie is the only green-boned dinosaur found on the planet. She will be on display in LA
- Score Top Holiday Gifts Up to 60% Off at Nordstrom's Anniversary Sale 2024: Jo Malone, Le Creuset & More
Recommendation
The seven biggest college football quarterback competitions include Michigan, Ohio State
Did he want a cat scan? Mountain lion makes surprise visit to Arizona hospital
Meta ends restrictions on Trump's Facebook, Instagram accounts ahead of GOP convention
Scarlett Johansson dishes on husband Colin Jost's 'very strange' movie cameo
Clay Aiken's son Parker, 15, makes his TV debut, looks like his father's twin
Delta Air Lines adopts new rules for flight attendant uniforms after Palestinian pin flap
Caitlin Clark's next game: Indiana Fever vs. Minnesota Lynx on Sunday
'Dr. Ruth' was more than a sex therapist: How her impact spans generations