Many individuals may struggle to tweak their financial strategy into something that will work for the long term. However, there are many who are worried if their personal finance situation will be comfortable enough for them and their families.
Nearly 50 percent of Americans noted that they are worried if they can actually reach a point where they are financially secure, according to a report from Country Financial. A total of 48 percent of those polled felt that they would need $50,000 to $100,000 in order to feel financially comfortable today. Despite this, only one-third of those polled said that having that salary level was enough to feel like they were well-off.
“Financial stability is different for everyone, whether you want to call it comfortable, well-off or secure,” said Joe Buhrmann, manager of Financial Security support at Country Financial. “As what we traditionally see as the middle class gets smaller, perhaps Americans should aim to find themselves in the ‘comfort class,’ where they feel they can meet all their current financial obligations and still save for the future.”
Financial difficulties worry many individuals
A number of Americans are worried that their financial situation is not as strong as it was in the past. According to a report from the American Institute of CPAs, nearly three-quarters of Americans felt that they were in a better financial situation one year ago than they are today.
“With slightly more than half of U.S. adults expressing little to no stress about their increasingly difficult financial circumstances, it seems that many Americans are reconciled to an uphill financial battle and that financial juggling and sacrifice will be a part of the foreseeable future,” said Ernie Almonte, chair of the AICPA’s National CPA Financial Literacy Commission. “The good news, however, is that you can improve your situation through simple steps—many of which Americans are already being forced to do. Creating a monthly budget, sticking to it and putting $50 a month into savings are small actions that can make a big difference over time.”
Another 44 percent of Americans noted that they are often stressed out over financial issues, the report showed. A total of 12 percent of those polled said that their biggest financial matter was taking care of their daily budgeting situation.