Are you earning enough money?
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.
Everyone’s needs may be different, but most folks share the same struggles to meet them.
Inflation was the most common reason why people felt they didn’t have or earn enough money, followed by inadequate pay and housing costs. With inflation showing no signs of stopping soon, all three factors are likely to become even more challenging.
Certain needs are essential, but that doesn’t mean they’re easy to pay for. In fact, a majority of our respondents felt they didn’t have enough money for bare necessities.
Our findings confirmed that the day-to-day costs of life are still a struggle for people, with 92% of respondents facing an increased cost of living. In fact, more than half said they experienced a “significant” rise in their cost of living.
With essential expenses eating up such a large portion of your budget, it can be hard to afford the things you’d much rather spend that money on.
Our study showed that there are certain things respondents felt they didn’t have enough money for, but on average, the monthly minimum people felt was necessary for nonessential spending was $626. Vacation and travel was by far the top thing that respondents felt they couldn’t afford (67%), followed by entertainment (61%) and home decor/upgrades (58%).
“Health is wealth” may be a popular saying, but there’s much more to say about the health implications of wealth. To explore this connection, we compared respondents who felt they earned enough to those who felt they didn’t.
Among respondents who earned enough money, 86% reported a high level of life satisfaction. By contrast, only 48% of people who weren’t earning enough reported the same. Even self-image and life outlook were impacted, evidenced by fewer than 1 in 4 insufficient earners feeling capable of living a fulfilling life.
Financial prosperity is within your grasp, no matter who you are or the circumstances you’re facing.
For this analysis, we surveyed 1,002 respondents using the Amazon MTurk platform. Survey quotas were used to guarantee sufficient respondent counts from each generation, which were as follows: Generation Z, 248; millennials, 253; Generation X, 253; and baby boomers, 248.
To help ensure accurate responses, all respondents were required to identify and correctly answer an attention-check question. In some cases, questions and answers have been rephrased for clarity or brevity. These data rely on self-reporting, and potential issues with self-reported data include telescoping, selective memory, and exaggeration.
Whatever your finances may look like, we hope you found this study informative and insightful, and we encourage you to share it. We just ask that you link back to the findings and that your purposes are noncommercial.