Another important factor is which country you live in.
Consider responses to CNBC’s International Your Money Financial Security Survey Conducted by SurveyMonkey. Adults in the United States and eight other countries were asked about the minimum amount of money they needed to earn to feel financially secure, and were given a choice of four annual income levels.
For U.S. respondents, these were $50,000, $100,000, $500,000, and $1 million. Residents of other countries were given roughly similar levels in their national currencies. Respondents may also say they will never feel financially secure.
Here’s how much people around the world say they need to earn per year to feel financially secure.
Unsurprisingly, the survey’s data provides an incomplete picture of what financial security is like in each country. After all, 100,000 USD is not the same as 100,000 Singapore Dollars or 100,000 Swiss Francs. The cost of living and average wages also vary from country to country.
Additionally, there is little room for nuance in the salaries offered. Those who feel that $100,000 is a little short of safety may not actually need five times the amount to get there.
Nevertheless, some trends stand out. UK residents were the most likely to feel financially secure in the lowest salary range on offer, at 64%. Majorities of respondents in Spain and Germany felt the same way.
Meanwhile, the majority of Singaporeans surveyed said they would only feel secure with a higher salary level. About 30% said they needed the equivalent of $370,231 to feel stable, and 22% said they needed $740,462 a year.
While these numbers likely reflect differences in salary and cost of living, it seems very likely that your financial situation is somewhat precarious, no matter where you come from. With the exception of Mexico, the majority of respondents in each country surveyed said they were living within their paychecks.
One silver lining: Less than 10% of respondents in any country say they don’t feel financially secure. There seems to be a general feeling that no matter where you come from, you can get by financially.
Conversion from Singapore Dollar to US Dollar was performed using the OANDA exchange rate of 1 Singapore Dollar to 0.74 USD on April 2, 2024. All amounts are rounded to the nearest dollar.
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