Americans feel they need to make over two hundred thousand dollars a year to feel financially secure - that's 3 times the average full time worker's income.
Consumer Financial Services Company Sarah Foster explains findings from their recent survey: "We have found that the majority of Americans say they are not financially secure...But --- more likely than not they are hopeful that they believe they will be someday!"
- 3 reasons she found for their insecurity:
"Overwhelmingly they were pointing to high inflation. - Half of them said it was the economic environment -
- and many mentioned that rising inflation rates are a barrier."
These Americans believe it would take almost half a million dollars a year to feel rich!
- Foster says "They are grappling with the rapid rise of the cost of living:
Health Care - Child Care
- College Tuition
- Emergency Savings
- Renting instead of Owning a Home.
She adds that insufficient retirement funds are also a leading factor in their feeling of instability. A quarter of those who said they were not financially secure said they felt they would never be!
photo:Getty
Bankrate's survey says most Americans say they are not financially secure.