As the global COVID-19 pandemic rages on, another “health” crisis has been plaguing the U.S.
Almost 4 in 10 Americans say they feel “financially unhealthy,” as prices remain high after a year of record-breaking inflation. However, how much you think you need to get financially well may depend more on what year you were born than how much is sitting in your bank account.
Gen Z says they require an average salary of $171,633 to feel financially healthy — the highest income compared to older generations — according to a survey from personal finance company Personal Capital and retirement plan provider Empower, conducted by The Harris Poll.
But even while Americans remain concerned about the state of their finances, experts say not to lose hope.
“In a choppy market, there are plenty of opportunities to take control of your money,” said Craig Birk, chief investment officer at Personal Capital. “Knowing your net worth puts you in the driver’s seat because you need a real-time measure of your financial health to make smart moves.”
How much each generation needs to feel ‘financially healthy’
Here’s how much each generation says they need to earn to feel comfortable:
Gen Z: $171,633
Gen X: $112,222
Baby boomers: $78,317
However, when it comes to how much savings…
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