How much money would you need to make a year to feel financially secure? The Scripps News Group in Detroit asked that question on Facebook, and received more than 570 comments from viewers.
According to a new survey from Bankrate, 77 percent of U.S. adults say they are not 'completely financially secure'. 32 percent said they are not completely financially secure and likely never will be.
"When you look at the results of this survey, what statistic really popped out for you?" I asked Sarah Foster, an economic analyst with Bankrate
"I think it's always the fact that, and we've been doing this survey for three years now and it's remained roughly consistent, but this year about one in four people tell us that in order to live comfortably and to achieve financial security, they feel like they have to make at least $150,000 a year," Sarah replied.
Bankrate asked the following: What would you need to make a year to feel financially secure or comfortable?
- 45 percent of Americans think they would need to earn $100,000 or more a year to feel comfortable
- 26 percent of Americans say it would take $150,000 or more
- 34 percent said they would feel comfortable making at least $50,000
Sarah said there are many factors that go into the lack of financial security, including the cost of affording a home, education, child care, grocery bills and more.
She said many Americans feel priced out of the economy. Based on the latest census data, the median U.S. household income in 2023 was roughly $80,000. That's the mid-point of incomes, meaning half of U.S. households made even less.
