Many Americans say they need to earn six figures to feel financially set

A huge swath of Americans feels under pressure to earn big bucks simply to keep pace with the rising cost of living, a new survey suggests.

A poll by Bankrate found that nearly half of respondents think they need to early at least $100,00 a year to live comfortably, while a quarter said they need to make at least $150,000. To feel rich, over half said they would need annual income of at least $200,000, while 25% put the figure at $1 million, according to the personal finance firm.

Bankrate researchers polled 2,260 adults across the U.S. for the survey which measures Americans' attitudes toward financial security. The upshot: Many people are increasingly unsure of whether they'll be able to get a leg up in today's economy. The share of Americans who describe themselves as not financially secure reached 77% this year, up from 75% in 2024 and 72% in 2023, according to Bankrate.

"Times have shifted," Bankrate economic analyst Sarah Foster said in the analysis. "Getting rich may have once been what many Americans fantasized about, but now simply living comfortably feels like the new aspiration, as economic challenges make financial stability a rare luxury."

As of 2023 (the most recent data available), median U.S. income in the U.S. was just over $60,000 for a full-time worker, according to Census figures. If there's a silver lining, it's that average wage growth continues to surpass inflation, which has been on a downward trend since a pandemic-induced peak in 2022. The Consumer Price Index in May rose 2.4%, up just slightly from April's 2.3% rate.

According to Bankrate's findings, Gen Xers (ages 45 to 60) were the most likely generation, at 84%, to say they're not where they want to be financially. Gen X also reported needing the highest income to feel financially comfortable, with 35% saying they need to make $150,000 or more.

By comparison, 80% of Gen Z (ages 18 to 28) respondents to the survey said they don't feel financially secure.

Women and men also differed in their views on financial security. Bankrate's findings reflect that women feel less confident about their financial position than men. More than 1 in 3 (35%) said they aren't financially secure and never will be, according to the survey.

• Finance
• Inflation
• United States Census Bureau