Survey: The average American feels they'd need over $200K a year to be financially comfortable
Published in Business News
Most who are financially insecure have hope for the future. More than 2 in 5 Americans (or 46%) say they expect to achieve complete financial security someday. Yet, 26% say they are not completely financially secure and likely never will be.
White and male Americans are more likely than their counterparts to feel financially secure, and financial security also tends to rise with income and education levels.
Men (30%) are more likely than women (26%) to say they are completely financially secure. Women (29%) are more likely to expect to never be financially secure than men (23%).
White Americans (31%) are more likely than Black and Hispanic Americans (21% and 22%, respectively) to say they are completely financially secure. But white Americans (at 41%) were the least likely to expect they’ll achieve complete financial security in the future, versus 59% for Black Americans and 57% for Hispanic Americans.
Generation X (ages 43-58) was the least likely to feel financially secure compared to other generations, at:
—25% of Generation Z (ages 18-26)
—28% of millennials (ages 27-42)
—19% of Gen X
—32% of baby boomers (ages 59-77)
Yet, older generations are less hopeful than younger generations about someday achieving that security.
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