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According to the latest edition of Bankrate's annual Financial Freedom Survey, the majority of Americans feel they need to earn more than $186,000 a year to “live comfortably” in today's economy.
The personal finance site surveyed 2,400 Americans to estimate how much they would need to be financially stable, coming up with a whopping six-figure figure.
In addition to that high salary figure, many Americans — especially baby boomers, those currently earning less than $50,000 a year, and parents with adult children — believe they will never reach that amount, or that the chances of doing so are slim.
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Americans believe they need more money than before to live comfortably. (iStock/iStock)
“Of Americans who know how much income they need to feel secure, only 6% say they already have that amount annually,” the survey results, released Monday, read in part.
“Nearly two in five (37%) say it's likely they'll reach that income someday, 31% say it's unlikely, and 18% don't think they'll ever reach that level of income in their lifetime.”
Bankrate also noted that while the $186,000 figure is 20% lower than last year, it's still more than double the median salary for full-time workers, which is about $79,000, according to Census Bureau data.
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The number of Americans who feel financially secure has fallen 3 percent since 2023. (iStock/iStock)
$186,000 was the average estimated amount needed to live comfortably each year, but answers varied, with some people hoping for even more.
“A quarter of Americans (25%) believe they need to earn more than $150,000 to be financially secure, and 7% believe they need to earn more than $500,000,” the Bankrate survey said, with an additional 4% saying they need more than $1 million.
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Conversely, 46% said they don't need a six-figure salary to be satisfied.
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Additionally, the percentage of Americans who currently feel “completely financially secure” also fell 3 percentage points, from 28% to 25%, while the percentage of Americans who feel “completely financially insecure” rose from 72% last year to 75% this year.
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