(NewsNation) — An increasing percentage of American adults say they don’t feel financially secure, and it’d take a hefty pay hike to the fear, a recent Bankrate survey found.
Approximately 77% of U.S. adults don’t feel “completely financially secure,” up from 2024’s 75% and 2023’s 72%. Women and Gen Xers — those aged 45 to 60— were most likely to say they felt strapped for cash.
On the other hand, baby boomers were the most likely to feel “completely financially secure,” at 31%.
“Most of us know comfortability when we see it. It’s a financial sweet spot that allows us to cover our bills, sock cash away for retirement or emergencies, conquer debt — or dodge it entirely — and still have enough wiggle room for the occasional indulgence,” Bankrate U.S. Economy Reporter Sarah Foster says. “Times have shifted.”
What would quell blocket anxiety? Survey says higher pay.
More than a quarter, 26%, of Americans pointed to an annual salary of $150,000 or higher, which is almost double the average American’s yearly earnings.
According to the Bureau of Labor Statistics, a typical full-time, year-round worker made $81,515 in 2023.
For 45% of U.S. adults, income would need to hit six figures to feel comfortable, while 16% upped the ante to $200,000 or higher. Just 8% said they’d need $500,000 or more to feel financially secure.
Just 29% of respondents said they believe their interpretation of the “American Dream” is likely to come true.
“Though many Americans hold onto the idea of returning to a 1950s-era ‘Golden’ America age, the days when a single, non-college educated breadwinner could sustain an entire family seem like they may be confined forever to the past,” Foster said.
Bankrate points to rapid inflation, tariff uncertainty and diminished buying power for the heightened concern around Americans’ personal finances.
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