The Financial Aspirations of Americans: Comfort vs. Wealth

According to a survey by YouGov for Bankrate, the average American believes they need to earn $233,000 per year to live comfortably and twice that amount to feel wealthy. However, respondents to Charles Schwab's Modern Wealth Survey stated that they would need a minimum net worth of $2.2 million to be considered rich. Factors such as inflation, the current economic environment, lack of savings, and rising interest rates contribute to financial insecurity. Low pay, limited career opportunities, debt, and unaffordable housing are common challenges for workers at all income levels. The perception of wealth is subjective and influenced by comparison. Different generations and genders have varying income requirements to feel financially secure. The survey highlights the increasing pressure to earn more, leading to the popularity of side hustles and polyworking, or relying on marrying someone wealthy as a last resort.