For Individuals to really feel “financially comfy,” 1 in 5 say they’d want $1 million, in keeping with the CNBC Your Cash Monetary Confidence Survey, performed in partnership with Momentive.
The outline “financially comfy” is subjective, and can imply various things to totally different individuals. Some is perhaps fascinated by present payments or debt they need to repay, whereas others is perhaps centered on long-term bills or retirement targets.
This is the breakdown of the outcomes, primarily based on the quantities survey respondents chosen:
- $10,000: 8%
- $25,000: 14%
- $100,000: 36%
- $500,000: 18%
- $1 million: 20%
- No reply: 4%
Practically 75% of respondents say they want $100,000 or extra to really feel financially comfy, with 20% deciding on $1 million. That majority is regular throughout all revenue ranges, though respondents incomes six figures usually tend to say they want $100,000 or extra.
Individuals are feeling the pinch with rising prices
More and more, there are indicators that Individuals are struggling to maintain up with extra prices.
Bank card debt hit an all-time excessive in 2022, 18.5% greater than a 12 months earlier, in keeping with a latest report by credit score bureau TransUnion.
And extra individuals are saying it is “considerably” to “very tough” for them to pay their regular payments within the final seven days, a 25% improve in contrast with a 12 months earlier, in keeping with the Census Bureau’s most up-to-date Family Pulse survey.
Monetary vulnerability is felt throughout revenue ranges, too: A majority of Individuals incomes lower than $100,000 say they dwell paycheck to paycheck, whereas 32% incomes greater than six figures say the identical, in keeping with CNBC and Momentive’s survey.
As effectively, 53% of survey respondents say they haven’t any emergency financial savings. Of those who do, simply over 1 in 4 have lower than $5,000 saved up. That is probably not sufficient cash for most individuals, as licensed monetary planners generally suggest setting apart three to 6 months price of bills for emergencies.
The survey of 4,336 respondents was weighted for age, race, intercourse, schooling and geography utilizing the Census Bureau’s American Neighborhood Survey to mirror the demographic composition of the USA for these age 18 and over.
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