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$186,000: The Surprising Income Americans Believe They Need to Feel Financially Secure and Comfortable – Must Know!

Many Americans perceive they need an annual income of $186,000 to feel financially secure, reflecting a significant perception gap amidst economic challenges and inflation concerns since the COVID-19 pandemic.

Americans Feel Financially Insecure Despite Economic Challenges

According to the article in Quartz, a recent Bankrate survey showed that many Americans feel they need a lot more money to feel financially secure. On average, they believe they would need to earn $186,000 per year to feel comfortable, which is more than double what most full-time workers earn. This number has dropped by 20% from last year, when people thought they needed $233,000 to feel secure.

This big difference in perception reflects the challenges people face with rising prices and inflation since the COVID-19 pandemic began. Even though inflation has slowed down to 3.3% recently, many Americans still find it hard to be able to have financially secure like to afford everyday things like food and housing. Over the past four years, prices have gone up by more than 20%, making it feel like $1,200 today buys what $1,000 did before the pandemic.

READ ALSO: $10B Industry Stuck: IRS Refuses To Allow Federal Tax Deductions For Marijuana Businesses – Must Know!

$186,000: The Surprising Income Americans Believe They Need to Feel Financially Secure and Comfortable – Must Know! (PHOTO: CNBC)

Survey Highlights Growing Financially Secure Gap Between Generations

The survey also revealed that while many people aspire to earn more for financial comfort, only a small fraction just 6%  feel they already earn enough. Many others, especially younger generations starting their careers, are uncertain if they will ever reach their financially secure goals. This highlights a growing gap between younger and older Americans in their expectations about achieving financial security.

READ ALSO: 1 In 5: IRS Dismisses Marijuana Industry Tax Refund Claims – Leaving Industry In Limbo!

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