The average American told Bankrate that they would need to make $233,000 a year to feel financially secure, but even this large number may not be enough for everyone. Bankrate analyst Sarah Foster says their study found that parents with children younger than 18 need even more per year to feel financially secure:
Foster said Americans were blaming the economic environment as the reason why they feel they need to earn so much. But 63% said high inflation is also a reason why they’re not feeling financially secure. Foster said it’s important to use every opportunity to leverage income and to make sure to use any pre-tax advantaged accounts to save on the cost of childcare.
