Financial Pressure: Many Americans Need Six-Figure Salaries to Feel Secure: Survey Reveals Growing Financial Insecurity in the US Economy

A recent survey by Bankrate has revealed that a significant portion of Americans feel immense pressure to earn large amounts of money simply to keep up with the rising cost of living. The survey, which polled 2,260 adults across the U.S., found that nearly half of respondents believe they need to earn at least $100,000 a year to live comfortably, while a quarter said they need to make at least $150,000.

The survey also found that over half of respondents would need an annual income of at least $200,000 to feel rich, while 25% put the figure at $1 million. These findings highlight the growing financial insecurity many Americans are feeling in today's economy.

The share of Americans who describe themselves as not financially secure has reached 77% this year, up from 75% in 2024 and 72% in 2023. This increase in financial insecurity is likely due to the economic challenges facing many Americans, making financial stability a rare luxury.

The median U.S. income for a full-time worker was just over $60,000 in 2023, according to Census figures. However, average wage growth continues to surpass inflation, which has been on a downward trend since a pandemic-induced peak in 2022. The Consumer Price Index rose 2.4% in May, up just slightly from April's 2.3% rate.

The survey also found that Gen Xers (ages 45 to 60) were the most likely generation to say they're not where they want to be financially, with 84% reporting feeling this way. Gen X also reported needing the highest income to feel financially comfortable, with 35% saying they need to make $150,000 or more.

By comparison, 80% of Gen Z (ages 18 to 28) respondents to the survey said they don't feel financially secure. Women also feel less confident about their financial position than men, with more than 1 in 3 (35%) saying they aren't financially secure and never will be.

In conclusion, the survey findings reveal that many Americans are feeling immense pressure to earn large amounts of money simply to keep up with the rising cost of living. The growing financial insecurity faced by many Americans highlights the need for more financial stability and security in today's economy.