With higher prices now firmly entrenched, and President Donald Trump’s tariffs fueling inflationary concerns, most Americans say they need an income boost to get by, according to a new report.
Nearly half, or 45%, of all adults said they would need to make $100,000 or more a year to feel financially secure, Bankrate’s financial freedom survey found. Roughly one-quarter, or 26%, said they need to make $150,000 or more. Fewer — 16% — put the bar at over $200,000.
By comparison, the median household income in 2023 was a little over $80,000, according to the latest U.S. Census Bureau estimates.
Altogether, the share of Americans who said they do not feel completely financially comfortable rose to 77% in 2025, up from 75% in 2024 and 72% in 2023, according to Bankrate’s survey, which polled more than 2,200 in May.
‘A perfect formula’ for not feeling financially secure
While Americans might have different definitions of what living comfortably entails, being in “a financial sweet spot,” often means “you are able to cover your bills and everyday essentials but also have money left over for eating out and vacations,” said Bankrate’s economic analyst Sarah Foster.
However, the recent period of high inflation and economic uncertainty has chipped away at most consumers’ buying power, according to Carolyn McClanahan, a certified financial planner and founder of Life Planning Partners in Jacksonville, Florida.
“One major issue is that wages have been stagnant for a large majority of the population over that time, and prices continue to rise,” said McClanahan, who also is a member of CNBC’s Advisor Council. “Add that to the backdrop of political instability everyone is feeling, and I think that is a perfect formula for people not feeling financially secure.”
Further, households are also facing surging child-care expenses, ballooning auto loans, high mortgage rates and record rents along with the resumption of student loan payments.
But a deterioration of the American dream has been decades in the making, according to Bankrate’s Foster.
“It starts long before the pandemic,” she said. “There has long been this perception that we used to be in this golden age where you could own a home, a car, and get by on a single income — that is a bygone era.”
A separate survey by Edelman Financial Engines from 2024 had similar findings: 58% of adults said they would need to earn $100,000 on average to not worry about everyday living expenses, and one-quarter said they would need to earn more than $200,000 to feel financially secure.
In most cases, feeling financially secure is not based on how much you earn, but rather a commitment to save more than you spend and maintain a well-diversified portfolio, experts often say.
