Nearly 60% of Americans say $100K income required to curb expenses anxiety: study

Published On Sep 24, 2024, 6:00 AM

A recent study by Edelman Financial Engines revealed that nearly 60% of Americans believe a $100,000 annual income is necessary to alleviate anxiety over daily expenses. This figure is notably higher among younger individuals, with 71% of those in their 30s and 75% in their 40s expressing this sentiment. The study also highlighted that a quarter of Americans feel they need at least $200,000 to feel stress-free about finances. Overall, only 12% of respondents identified as wealthy, with inflation and rising costs of living contributing to financial anxieties. The desire for higher income is an indication of broader economic concerns, as many Americans face financial pressures, including credit card debt and rising costs in essential categories like food and shelter.

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The sentiment of the majority of Americans needing $100,000 or more to feel financially secure reflects a potential increase in consumer interest in financial services, especially those focused on wealth management and budgeting tools. Companies that provide financial advisory services or products that help consumers enhance their financial literacy may see increased interest as individuals seek solutions to manage their finances better in a high-inflation environment.

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