Over the last few years, a lot of Americans have been worried about their budgets and expenses, and a new study reveals they have an idea about how much money it would take to get them to stop. The third annual “Everyday Wealth in America” report from Edelman Financial Engines has just come out, revealing that overall, Americans don’t feel wealthy and many are anxious about their finances.
So what’s the magic dollar amount that would ease concerns?
- About 60% say they’d need to earn at least $100-thousand a year to stop feeling anxious about their financial situation.
- But the amount is much higher for 30%, who say they’d need to make $200-thousand or more a year to stop worrying about money.
According to the report, which includes a survey of 3-thousand people over the age of 30:
- Only 12% of Americans consider themselves wealthy.
- And only four in 10 people who are objectively wealthy, with assets worth more than $2-million, actually consider themselves rich.
- A third of respondents admit to having anxiety about personal finances, up slightly from last year’s 29%.
- Inflation is still a top concern, but it’s tied with the current political environment as the top source of stress for Americans.
- For those looking ahead at retirement, most expect to stop working at age 67 or 68, but a third of those surveyed admit they don’t expect to ever be able to fully retire.
Source: CBS News