Nowadays, many Americans no longer equate financial success with luxury purchases or vacations: In fact, 56% of them say that living comfortably would be enough to feel like they’d made it, according to a recent Bankrate survey.
Of course, people have different ideas about what living comfortably looks like — and how much money it takes to get there.
Recent research from loan agency Clarify Capital explores how increasing costs impact financial comfort, stress and spending behavior, and what amount of money actually has people feeling “well-off.”
Related: Young People Earning More Than $200,000 a Year Are Fleeing 1 U.S. State — and Flocking to 2 Others
Clarify Capital’s study, which surveyed over 750 people making at least $100,000, found that more than half (58%) of six-figure earners no longer feel financially successful.
More than seven in 10 respondents reported shopping at discount grocery stores, and 74% revealed they don’t dine out as often. Additionally, 62% said they’re not embarrassed to admit they’re cutting back.
However, some six-figure earners report a desire to keep up with the Joneses: One in three said the pressure to maintain a particular lifestyle costs them real wealth and peace of mind, per the survey.
Related: Report: Nearly Half of Young Adults Live with Their Parents to Save Money — But They’re Spending Big on Luxury Goods
To “look successful,” respondents admitted to making sacrifices including working longer hours (31%), carrying credit card debt (27%) and not contributing to savings (13%).
So, what’s the magic number for financial success these days? According to the research, 24% of people say that earning $500,000 or more would be enough to “feel truly comfortable” and “well-off.”
Another recent report from writing platform EduBirdie found that young professionals today are “undeniably ambitious” when it comes to increasing their incomes.
Related: Young U.S. Workers Expect $200,000 Salaries By Age 30. Here’s What They Actually Earn — How Do Your Stats Compare?
“Our report shows they’re not counting on a golden parachute like marrying into wealth or inheritance,” Avery Morgan, chief human resources officer at EduBirdie, said. “Instead, 17% believe they’ll earn $200,000 by age 30 — a bold goal that demands strategic career moves, continuous learning and a bit of luck.”
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Nowadays, many Americans no longer equate financial success with luxury purchases or vacations: In fact, 56% of them say that living comfortably would be enough to feel like they’d made it, according to a recent Bankrate survey.
Of course, people have different ideas about what living comfortably looks like — and how much money it takes to get there.
Recent research from loan agency Clarify Capital explores how increasing costs impact financial comfort, stress and spending behavior, and what amount of money actually has people feeling “well-off.”
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