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Are you earning enough money?
If you’re like most Americans, you probably feel like you’re not. You may also feel like you don’t have enough in the bank, that your cost of living is rising, and that it’s harder to make ends meet lately. Now more than ever, amid economic uncertainty and rising inflationit’s hard not to worry about financial sufficiency.
So, what exactly is ‘enough,’ and how many people feel like they don’t have it? We surveyed over 1,000 Americans to find out.
Key Findings
- 70% of Americans feel like they don’t earn enough money, and 72% feel like they don’t have enough saved or invested.
- 82% of Americans feel they don’t have enough money for at least one essential spending category.
- 66% of Americans feel they don’t have enough money for health-related expenses, 55% for housing expenses, and 37% for food.
What Does it Mean to Have ‘Enough’ Money?
Everyone’s needs may be different, but most folks share the same struggles to meet them.
With a majority of Americans living paycheck to paycheckmaking ends meet is a monthly endeavor for most of the country. So how much does the average American need to meet their needs? Here’s what we found out.
Overall, a remarkable 70% of respondents believed they don’t earn enough money. Considering that research has shown the cost of living to have gone up an average of $276 for most families, it’s no wonder that people feel they’re not making enough.
While the 2020 US census measured a median household income at $67,521, our average respondent felt a sufficient income would be nearly $7,600 above that figure.
When broken down by gender, our research showed that 76% of women and 53% of men felt they didn’t have enough money coming in each month, while 76% of women and 60% of men felt they hadn’t accrued sufficient financial wealth. Among other potential factors, this disparity certainly speaks to the broader issue of the gender pay…
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