Seventy-two percent of Americans say they are not financially secure – with 3-in-5 of them blaming inflation.
WHY IT MATTERS – Financial wellness is a factor in how Americans evaluate the state of the economy and direction of the country.
THE NUMBERS – A recent Bankrate survey asked Americans based on their current personal financial situation if they felt financially secure or not.
- 28 percent – said they were financially secure
- 72 percent – said they were not financially secure
The survey also found that Americans said they needed to make $233,000 a year on average to be secure or comfortable with their finances – more than triple the average earnings for workers in 2021 ($75,203).
Another Bankrate survey asked Americans why they felt financially insecure (they could cite multiple reasons).
- 63 percent – pointed to high inflation
- 48 percent – blamed the economic environment more broadly
- 36 percent – pointed to rising interest rates
BOTTOM LINE – Most Americans say they are not financially secure and aspects of the state of the economy are to blame. They also say they would need over $233,000 a year to be comfortable financially.
GO DEEPER –
Bankrate – Survey: The average American feels they’d need over $200K a year to be financially comfortable