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Despite a slight easing in inflation, financial insecurity remains a widespread concern for Americans, with 77% saying they don’t feel completely secure about their finances — the highest level in three years, according to Bankrate’s latest Financial Freedom Survey.
The rising cost of living continues to outpace wage growth, eroding household budgets and reducing purchasing power. A salary that felt substantial just a few years ago now doesn’t stretch nearly as far.
For example, $100,000 in 2020 holds the same buying power as over $124,000 today. Without raises to match inflation, many workers are effectively earning less in real terms.
This economic squeeze is pushing Americans to reassess what it means to feel comfortable. One in four adults now say they’d need to make $150,000 or more annually to feel financially secure — nearly double the current average full-time salary of just over $81,000.
The job market, especially in white-collar sectors, remains sluggish, making it harder to reach those income levels.
Women and Gen X Report Deepest Financial Struggles
Financial insecurity is hitting some groups harder than others. Gen Xers (ages 45–60) are the least likely to feel secure, with 84% saying they’re not financially comfortable. Women are also disproportionately affected: only 20% report feeling secure, a figure that has declined each year since 2023.
More than one-third of women say they likely will never achieve financial security, compared to 29% of men. Generational divides are also stark: Baby boomers are the most financially confident, while Gen Zers remain the most optimistic about achieving their goals.
The Price Tag of Feeling “Rich” Keeps Rising
Financial comfort and wealth are increasingly out of reach for many. While nearly half of Americans say they’d need a six-figure income just to feel comfortable, over a quarter say they’d need to make $1 million a year to feel rich. Another 55% believe they’d need at least $200,000 annually to consider themselves financially free.
Among Gen Xers, 37% say they’d need a million-dollar salary to feel wealthy — the highest of any generation.
Economic Reality Makes the American Dream Elusive
Only 29% of U.S. adults believe their version of the “American Dream” is achievable in today’s economy. Gen Z is the most hopeful, with 36% saying it’s still within reach. However, optimism wanes with age and income: Over half of those earning under $50,000 a year say their dream feels unattainable.
Real People, Real Struggles
The financial challenges are not just theoretical. For many low- and middle-income Americans, like single parents earning under $50,000 annually, a single unexpected bill can derail savings goals and destabilize monthly budgets. Even with cost-cutting and smart financial strategies, long-term security remains out of reach without a significant income boost.
