September 26, 2024
These findings come as inflation and cost-of-living increases has stifled many households.
A new study revealed that most Americans believe an income of $100K or more can soothe financial anxieties.
Edelman Financial Engines released the “Everyday Wealth in America” study on Sept. 23. The study found that 58% of surveyors agreed that reaching this salary threshold would eliminate most living concerns. The company surveyed 3,000 Americans aged 30 and over. According to Fox News Business, half of the participants, between the ages of 45 and 70, were considered “affluent.”
Younger surveyors agreed with this notion, with most implying age is a significant factor in wealth perception. A wider majority of participants in their 30s and 40s, at 71% and 75%, respectively, agreed that a six-figure income was the golden ticket to financial security.
These findings come as inflation and cost-of-living increases have stifled many households. Although inflation has shown signs of slowing down, the issue of high prices remains most prevalent in Americans’ minds. According to Statista, inflation is the highest-ranked issue for voters in all major parties in the upcoming election.
“Part of these worries stem from external pressures, like inflation or a turbulent election economy, while some are individual pressures, such as family responsibilities and mounting credit card debt,” wrote Amin Dabit in the company’s statement, as reported by the news outlet. “Through this research, we’re learning more about how these different factors all come together to impact the way Americans perceive and achieve their wealth.”
These sentiments were also reflected in the study, as 49% of the participants called the economy their ‘biggest source” of anxiety. Personal finances followed closely behind at 48% of surveyors.
A quarter of Americans believe even more money is needed to not stress over making ends meet. These individuals think a $200K income is sufficient to remain comfortable in today’s economy.
Moreover, most Americans don’t consider themselves wealthy. Despite this, most of those outside this label believe having $1 million would establish them as such.
According to Spendmenot, only 34.4% of U.S. earners made over $100K in income in 2022, despite most Americans finding it necessary for financial stability. However, this latest study indicates how higher living expenses have impacted the general mindset to ease monetary stress.
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