According to the CNBC Your Money Financial Confidence Survey, conducted in partnership with Momentive, one in five Americans needs $1 million to feel “financially comfortable.”
The description “financially comfortable” is subjective and means different things to different people. Some people are thinking about current bills and debts they want to pay off, while others are focused on long-term spending or retirement goals.
Here’s a breakdown of the results based on the amounts selected by survey respondents:
- $10,000: 8%
- $25,000: 14%
- $100,000: 36%
- $500,000: 18%
- 1,000,000: 20%
- No answer: Four%
Nearly 75% of respondents said they needed $100,000 or more to feel financially comfortable, and 20% chose $1 million. The majority are stable across all income levels, but respondents with six-figure incomes are more likely to say she needs $100,000 or more.
Increasingly, there are signs that Americans are having trouble keeping up with additional costs.
Credit card debt will reach a record high in 2022, up 18.5% from the previous year, according to a recent report from credit bureau TransUnion.
And according to the Census Bureau’s latest Household Pulse Survey, more people said they found it “somewhat” to “very difficult” to pay their regular bills in the past seven days, 25 more than a year ago. % Increased has.
Economic vulnerability is also felt across income levels. A survey by CNBC and Momentive found that the majority of Americans who earn less than $100,000 say they live paycheck to paycheck, and 32% who earn six figures or more say the same.
Similarly, 53% of survey respondents said they have no emergency savings. He has just over one in four girlfriends who save less than $5,000. Qualified Financial Her planners usually recommend setting aside three to six months of her expenses for emergencies, so this may not be enough money for most people. There is a nature.
Using the Census Bureau’s American Community Survey, the survey of 4,336 respondents is weighted by age, race, gender, education, and geography, and reflects the demographic composition of the United States over the age of 18.
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