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Most Americans think they need to earn more than $186,000 a year to “live comfortably” in today’s economy, according to the latest installment of Bankrate’s annual Survey of Financial Freedom.
The personal finance site reached the whopping six figures after surveying 2,400 Americans to gauge their estimates of what it would take to feel financially secure.
To top that high salary number, many Americans — especially Baby Boomers, those currently earning under $50,000, and parents with grown children — believe they’ll never reach that point or that it’s unlikely.
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Americans believe they need a greater amount of money to live comfortably than before. (iStock/iStock)
“Only 6% of Americans who have an idea of what they need to earn to feel secure say they are already earning that annual income,” the survey’s findings, released Monday, read in part.
“About 2 in 5 (37%) say they are likely to earn that income one day, while 31% say it’s unlikely and 18% think their income will never reach that level during their lifetime.”
Bankrate also noted that the $186,000 number, while down 20% from last year, is still more than double the median salary for full-time workers, which came in at about $79,000. dollars, according to data from the Census Bureau.
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The number of Americans who feel financially secure has dropped by three percent since 2023. (iStock/iStock)
Although $186,000 was the average estimate needed to live comfortably each year, answers varied, with some going higher.
“A quarter of Americans (25%) believe they would need to earn $150,000 or more to feel financially secure, while 7% think they would need to earn $500,000 or more,” the findings said of Bankrate, adding that another 4% listed $1 million or. instead.
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46 percent, in contrast, said they didn’t need a six-figure salary to be satisfied.
What does it take to be considered rich these days? Over $500,000 a year, the findings show.
Additionally, the percentage of Americans who currently feel “completely financially secure” also decreased by three percentage points from 28% to 25%, while the 72% who felt they were not “completely financially secure” in the past year climbed to 75 % this year.
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