A new survey reveals that U.S. adults are increasingly pessimistic about the financial security they need to live comfortably, with most doubting they will ever achieve it. According to Bankrate's latest polling, Americans now say they need an average of $186,000 per year to live comfortably, more than double the typical earnings of a full-time, year-round worker. This is the second consecutive year that respondents have indicated nearly $200,000 is necessary for financial security. The survey also shows that three-quarters of Americans report feeling financially insecure. “Shockingly, most Americans aspire to get to a place where they’re living comfortably or unburdened by financial worries — not to live in a state of financial opulence,” Bankrate noted. Bankrate highlighted that prices have risen almost 21 percent since the pandemic, necessitating an additional $210 for every $1,000 previously spent on a typical consumer basket. Long-term issues like housing and college affordability also contribute to financial insecurity. The survey data show that Americans across all income levels are more likely to feel financially insecure than secure. Only 45 percent of Americans with postgraduate degrees and 44 percent of those earning $100,000 or more report feeling financially secure. Among those earning under $50,000 annually, 43 percent believe they will never achieve financial security, up from 36 percent last year. “Many Americans are stuck somewhere between continued sticker shock from elevated prices, a lack of income gains and a feeling that their hopes and dreams are out of touch with their financial capabilities,” explained Mark Hamrick, Bankrate Senior Economic Analyst. “We’ve gone from an environment where inflation was the focus, and the impact of rising prices has resulted in an affordability crisis, which is now front and center,” Hamrick said. “If prices continue to normalize and the job market remains stable, further progress can be clawed back on the affordability front.” Some groups said during the survey they believe they need to earn more than the national average to live comfortably, including:For the past three years, Americans have faced 40-year high inflation, record high gas prices, and a generally challenging economy.
