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 43-hundred 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 $1-million.
- Nearly 75% of all respondents across all income levels say they would need $100-thousand or more.
- The fact that so many Americans say they need $100-thousand 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-thousand 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-thousand saved.