Have you ever thought about how much money it would take for you to feel set financially? The new Your Money Financial Confidence Survey from CNBC asks more than 4,300 Americans how much money they would need to feel “financially comfortable.”
- Of course, the phrase “financially comfortable” means different things to different people, but one in five respondents say they’d need $1million.
- Nearly 75% of all respondents across all income levels say they would need $100,000 or more.
- The fact that so many Americans say they need $100,000 or more to feel financially comfortable makes sense because the average personal debt balance - including mortgages and student loans - was $101,915 in 2022, according to the most recent data from Experian.
The breakdown of amounts given by respondents is:
- $10,000 - 8%
- $25,000 - 14%
- $100,000 - 36%
- $500,000 - 18%
- $1 million - 20%
- No answer - 4%
The survey also reveals:
- The majority of Americans who earn less than $100,000 say they live paycheck to paycheck and 32% of those who earn more than six figures say the same.
- Just over half (53%) of those polled say they don’t have any emergency savings and for those that do, 25% have less than $5,000 saved.
photo: Getty Images Source: CNBC