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Here's how much Americans say they need to earn to live comfortably - and it varies dramatically across gender, race and generation
Very few Americans are making the kind of money they think they would need to live comfortably, a troubling new survey has revealed.
The 'magic number' that the average American feels they would need to earn to be financially stable is $186,000 per year, according to fresh data from Bankrate.
This is more than double the salary of the typical worker in the US, which is around $79,000 according to the Census Bureau.
Only 6 percent of Americans are making enough to feel secure, the survey found. And the majority think it is unlikely they ever will, as stubborn inflation continues erode household budgets.
Bankrate defined financial success as being able to afford rent or a mortgage, food, bills, hobbies, and the occasional night out - while also having enough to save money for the future.
The amount Americans feel they need to be financially comfortable varies by various factors
Most Americans do not aspire to an opulent lifestyle, but instead hope to be unburdened by financial worries, the survey found.
Particular demographics feel they would need to earn even more to be able to live comfortably.
Men, on average, feel they would need to earn $197,000, the study found, while women feel they would need a salary of $176,000 to be comfortable.
Americans are suffering with sticker shock and a lack of income gains, said Mark Hamrick, senior economic analyst at Bankrate
Baby boomers said they would need to earn an average of $171,000, while Gen Z think they would need a $200,000 salary.
For many Americans, getting their finances to a steady state can be challenging when the same goods and services now require a higher income.
While the annual rate of inflation has fallen from a 40-year high of 9.1 percent in June 2022, it is still above the Federal Reserve's 2 percent target at 3.3 percent as of latest data from May.
Prices for everyday items have risen almost 21 percent since the start of the pandemic.
This means that Americans have to fork out an extra $210 per every $1,000 they used to spend on the typical consumer basket, according to data from the Bureau of Labor Statistics.
Other long-term challenges are also at play, with housing prices skyrocketing and rising college tuition and childcare costs.
Mark Hamrick, senior economic analyst at Bankrate, said: 'Many Americans are stuck somewhere between continued sticker shock from elevated prices, a lack of income gains and a feeling that their hopes and dreams are out of touch with their financial capabilities.'
Financial instability among Americans has worsened since last year, the survey showed.
Only a quarter of Americans say they are completely financially secure, down from 28 percent in 2023.
Some 30 percent of respondents said they are not completely financially secure and probably never will be, up from 26 percent last year.
The yardstick for what Americans would need to earn to feel rich is even higher, Bankrate found.
On average, respondents thought they would need to earn $520,000 to qualify as wealthy. This was up from $483,000 last year.
It comes after Treasury Secretary Janet Yellen was branded 'tone deaf' for a response she gave when asked about inflation in the US.
Yellen - who is worth about $20 million - said she goes to the grocery store every week, but has not felt 'sticker shock' at higher prices.
Grocery prices are a key topic for voters ahead of November's election, with many Americans hoping that punishing costs will soon start to come down.
A DailyMail.com reader from Palm Beach, Florida, said: 'Janet Yellen is tone deaf in her response.
'The dramatic increases over a relatively short amount of years is a betrayal. People are probably less concerned with the technical whys and more concerned with the fact that if they don't pay the increased cost, their cupboards will be empty.'
Analysis of data from the US Bureau of Labor Statistics shows just how much prices have increased for everyday groceries since 2019.
The annual rate of inflation was 3.3 percent in May - above the Fed's 2 percent target
Analysis of data from the US Bureau of Labor Statistics shows just how much prices have increased for everyday groceries in the last five years
The price of a dozen eggs has skyrocketed by 98 percent - rising from an average of $1.36 to $2.70 in May this year.
A loaf of bread, meanwhile, has gone up by 53 percent.
It would have set back the average household $1.29 in May 2019, but typically cost $1.97 in May 2024, according to analysis of the data by CBS News.
Cookies have also gone up 53 percent in price over the period - from $3.35 to $5.12.
A pound of coffee, meanwhile, has risen by 44 percent, taking it to an average of $5.99 from $4.17 five years ago.