Many Americans Believe $100K Income Is Required To Live Comfortably

Money issues, especially high-interest debt and increased living expenses, can often be a source of anxiety. A recent survey revealed one possible answer to relieving this money stress: more income.

A new Edelman Financial Engines questionnaire asked Americans about their current financial situation. Roughly 58% of the 3,008 survey respondents said they would feel better about their expenses if they made at least $100,000 annually. About 25% said a minimum of $200,000 a year was required.

“Part of these worries stem from external pressures, like inflation or a turbulent election economy, while some are individual pressures, such as family responsibilities and mounting credit card debt,” said Edelman Financial Engines’ Amin Dabit, per FOX Business. “Through this research, we’re learning more about how these different factors all come together to impact the way Americans perceive and achieve their wealth.”

Age also played a part in how much money survey respondents felt they needed to be financially comfortable. About 75% of individuals in their 40s thought $100,000 in annual salary would curb money anxiety versus only 71% of people in their 30s who answered the same way.

Credit Card Debt Threatens Wealth-Building

The Everyday Wealth in America survey found credit cards are a major money issue. According to the questionnaire, 44% of respondents say high-interest debt makes it difficult to build wealth. The number jumped to 72% among respondents who currently have a balance on their credit cards.

Almost 50% of surveyed households carry a credit card balance month to month, with $7,000 being the median amount owed. As prices have risen for everyday expenses like food, 20% of respondents said their credit card balances increased as a result. About 13% turned to “buy now, pay later” options, and 10% borrowed money from friends and family.

Edelman Financial Engines’ online survey, conducted June 12 to July 3, included individuals 30 years and older, with 1,500 considered “affluent” between ages 45 and 70. Of the surveyed households, only 12% identified as “wealthy.”