A recent survey has revealed that a substantial number of Americans feel financially insecure in the current economy. The poll found that 45% of respondents would need to make $100,000 or more per year to feel financially secure. Among these, one in four believe that reaching $150,000 in annual income would provide comfort.
“Most of us know comfortability when we see it. It’s a financial sweet spot that allows us to cover our bills, save for retirement or emergencies, manage debt, and still have enough flexibility for occasional indulgences,” Sarah Foster, Bankrate’s U.S. economy analyst, stated in the report. “Times have shifted.”
The national survey conducted in mid-May found that only 23% of participants overall reported feeling financially secure.
However, financial discomfort varied notably among different generations. Gen Xers (ages 45-60) were the most likely to report financial insecurity at 84%, compared to 80% of Gen Zers (ages 18-28), 79% of millennials (ages 29-44), and 69% of baby boomers (ages 61-79).
Financial security perceptions across generations
Based on the latest Census data, the median US household income in 2023 was $80,610. For family households specifically, the median income was $102,800, with married couples reporting the highest median at $119,400. For individuals, a full-time worker’s median income was $60,070 in 2023.
The survey did not specify what respondents meant by “financially secure” or “rich.” These terms are highly subjective and can vary widely depending on individual circumstances such as current income, age, number of children, location, and debt levels. Among those already making $100,000 or more, 54% said they would need to earn at least $150,000 to feel financially secure. Adults aged 45 to 60 were most likely (35%) to require $150,000 or more to live comfortably, compared to 26% of millennials and 20% of Gen Zers.
When asked about their current level of financial security, most respondents (77%) said they did not feel “completely financially secure,” including 32% who doubted they ever would. Those most likely to feel secure were people making at least $100,000, with 42% of this group considering themselves secure. “Getting rich may have once been what many Americans fantasized about, but now, simply living comfortably feels like the new aspiration, as economic challenges make financial stability a rare luxury,” said Bankrate economic analyst Sarah Foster.
