BELOW SUPERNAV drop zone ⇩

How much money would it take Americans to feel secure?

  • Americans would need around $233,000 a year to feel financially secure
  • In 2021, the average full-time worker made $75,203
  • Costs for housing and college tuition have soared over the past 20 years

(File: Getty)

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

maylen

https://digital-stage.newsnationnow.com/

AUTO TEST CUSTOM HTML 20241114185800

AUTO TEST CUSTOM HTML 20241115200405

AUTO TEST CUSTOM HTML 20241118165728

AUTO TEST CUSTOM HTML 20241118184948

(NewsNation) — Increasing costs have left many Americans feeling financially vulnerable, and a new survey found that it would take a salary of roughly $233,000 a year for them to feel financially secure.

The Bankrate survey comes at a time when inflation has left many Americans in a precarious financial position. While Americans have seen their buying power rise by 21% over the past 20 years, costs have risen far more.

In that same time frame, college tuition costs have more than doubled and home prices have increased 40%. Inflation has also affected everyday expenses, with the prices of gas and groceries leaving people with less money to spare.

Even as people try to save money, most Americans said they couldn’t cover a $1,000 emergency and nearly a third of Americans have less than $100 in their savings account.

The $233,000 a year number is far more than most Americans make, with data from the Census Bureau showing the average full-time worker made $75,203 a year in 2021. If they would need $233,000 to feel financially secure, Americans said it would take about $483,000 a year to feel wealthy.

According to Bankrate, financial security varied with age, with 32% of Baby Boomers indicating they felt secure. Only 28% of millennials and 25% of Gen Z could say the same, with Gen X reporting the least financial security at just 19%.

But younger generations still have hope for the future. While 35% of boomers and 32% of Gen X said they did not expect to ever achieve financial security, that number dropped to 19% for millennials and 13% for Gen Z.

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

AUTO TEST CUSTOM HTML 20241119133138

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Sunny

la

51°F Sunny Feels like 51°
Wind
2 mph E
Humidity
49%
Sunrise
Sunset

Tonight

A few passing clouds. Low 48F. Winds light and variable.
48°F A few passing clouds. Low 48F. Winds light and variable.
Wind
3 mph NNE
Precip
9%
Sunset
Moon Phase
Waning Gibbous