Indianapolis, Indiana – A recent survey conducted by Bankrate reveals that a majority of Americans have a specific annual income in mind that they believe would lead to financial security. The survey found that the magic number for financial security is $186,000 per year. However, currently, only 6% of U.S. adults earn that amount or more, according to Bankrate.

The survey also highlighted that the median family income in the United States falls between $51,500 and $86,000, based on the latest federal data. Achieving financial security, as defined by the survey, involves being able to cover expenses, make discretionary purchases, and save money for the future. The gap between what most Americans earn and what they believe they need to feel financially secure suggests a prevalent desire for higher incomes.

In a separate report from the Federal Reserve Bank of Philadelphia, it was revealed that an increasing number of Americans are experiencing financial stress, with 35% of respondents expressing concerns about making ends meet, up from 29% in the previous year. The rising cost of living in the face of inflation has put significant pressure on consumers, leading many to cut back on discretionary spending.

Despite these challenges, younger generations in America appear to be more optimistic about their prospects for eventually earning enough to live comfortably, according to Bankrate’s survey of 2,400 Americans conducted in mid-May. This optimism could indicate a shift in mindset among younger adults who are determined to improve their financial situations.

The survey also delved into Americans’ perceptions of wealth, revealing that respondents believe they would need to earn $520,000 per year to qualify as wealthy, up from the previous year’s response of $483,000. The increasing cost of consumer goods, influenced by inflation, is cited as a primary reason for this upward trend in perceived wealth requirements.

Additional research highlighted in the article suggests that while income levels can impact happiness up to a certain point, around $500,000 per year, financial security remains a top priority for many Americans. Ultimately, the pursuit of higher incomes and financial stability continues to be a significant driver of personal and societal well-being.