Most Americans say they don’t feel financially secure: survey

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Most Americans in a new survey released on Thursday said they do not feel financially secure.

The survey from finance company Bankrate found that just 28 percent of Americans said they feel completely financially secure, compared to 72 percent who said they do not. 

While 46 percent said they believe they will be financially secure someday, 26 percent said they will likely never be financially secure, the survey found.

Men, white Americans and Boomers were all more likely to say they feel completely financially secure, with 30 percent of men, 31 percent of white Americans and 32 percent of Boomers saying as much.

However, older generations were also more likely to say that they would never become financially secure compared to younger generations. While 13 percent of Gen Z and 19 percent of millennials said they would never reach financial security, 30 percent of Gen X and 35 percent of Boomers said the same.

A large share of Americans blamed the state of the economy for holding them back financially, with 63 percent pointing to high inflation, 48 percent citing the overall economic environment and 36 percent pointing to rising interest rates, the survey found.

In order to achieve financial security, Americans polled said they would need to make about $233,000 a year. In order to feel rich, respondents said they would need about $483,000 a year.

However, the median income for a full-time, year-round worker in 2021 was $53,888, according to the U.S. Census Bureau.

The Bankrate survey was conducted by YouGov from June 5-7 with 2,521 U.S. adults.

Tags Economy financial security inflation

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