More than 2,500 U.S. adults said in a new Bankrate survey that they would need to earn, on average, $233,000 a year to feel financially secure and $483,000 annually to feel rich or to attain financial freedom, CNN Business reported. For comparison, the median earnings for a full-time, year-round worker in 2021 was $56,473, according to the U.S. Census Bureau. Of course, there is no objective or “right” answer to these questions. What it takes for one person to feel financially comfortable can depend a lot on their early childhood experiences with money, how much they perceive those around them to have, their current financial situation, the cost of living in their area and, if they’ve thought about it, what is most important to them in life. Plus, a big income isn’t necessarily a guarantee of financial security if you’re living paycheck to paycheck, not saving much and carrying big debts. The same goes if you’re feeling insecure about your economic prospects. In Bankrate’s survey 72% of respondents said that they did not currently feel financially secure, although 46% said they expect to someday. The reasons cited for not feeling secure today included high inflation (63%); the economic environment (48%); insufficient emergency savings (42%); insufficient retirement savings (41%); rising interest rates (36%); low pay or low career mobility (33%); high debt (26%); and housing affordability (25%).
