More and more Americans are saying they feel financially unstable, with diminishing hopes of saving money for retirement, their children’s education or for a rainy day fund. A recent Bankrate survey found that three in four Americans say they are not completely financially secure.
The average American requires a much larger income to live comfortably, the report found. Currently, the average full-time worker makes about $79,000, according to the U.S. Census Bureau. Meanwhile the survey found the average American needs an income of $186,000 to live comfortably.
Bankrate author Sarah Foster identified some reasons as to why Americans are feeling financially unstable: “Prices have risen almost 21% since the pandemic, requiring an extra $210 per every $1,000 someone used to spend on the typical consumer basket, Bureau of Labor Statistics data shows,” Foster wrote.
She continued, “Not to mention, other longer-term challenges from housing to college affordability are at play.”
www.usatoday.com/story/money/2024/07/05/average-salary-needed-live-comfortably/74295169007/
The problem for most people is that even if they make 180K that income is not guaranteed. The vast majority work in jobs that can be eliminated in the blink of an eye so then you’re on the street and good luck at replacing that income.