Key Takeaways
On average, American workers say that they would need an additional $70,000 of household income each year to feel financially stable, according to a report by insurance company Aflac.
Households earning under $50,000 per year would like an additional $48,834, on average, in annual income, while those earning over $100,000 would like an additional $86,518.Many workers report high levels of anxiety about health care costs, and almost half (44%) couldn’t cover a $1,000 health care expense out of pocket.

Many Americans don’t feel financially secure. In some ways, this isn’t surprising: a rising cost of living and anxiety about health care expenses contribute to feelings of instability and uncertainty. What is surprising, though, is who says they need the most money to feel secure—and how much, on average, they’re looking for.

How Much More Money Do Americans Need To Feel Secure?

A report by insurance company Aflac found that, on average, workers said they need an additional $70,000 per year in household income to feel financially secure. However, there was a nearly $40,000 difference between what lower-income households reported needing, compared to higher-income households. And it wasn’t the lower-income families who wanted the most.

Average Difference: Current vs. Desired Salary by Household Income of American Workers

 
Average Difference

All employees 
$69,943 

$49,999 or less
$48,834 

$50,000 – $99,999
$53,279 

 $100,000 or more
$86,518 

Source: Aflac WorkForces Report – Employee Financial Fragility and the Value of Supplemental Insurance

The lowest-income households wanted, on average, an increase of $48,834, more than $20,000 less than the average. The highest-income households, by contrast, wanted an average increase of $86,518, almost $17,000 more than the average. According to this study, as your household income increases, the amount that you need to feel financially stable also increases.

Health care costs, in particular, leave many workers feeling squeezed. Data from the Aflac report shows that:

Almost half (44%) of workers couldn’t cover a $1,000 out-of-pocket health cost.Nearly 1 in 5 (19%) of workers couldn’t pay for $500 in out-of-pocket health expenses.Only a quarter (26%) of workers had the money to cover a significant health care bill of $5,000 or more.

Important

More than half of employees worry about medical costs that aren’t covered by their insurance.

Younger workers, in particular, worry about health care costs: 61% of Gen Z workers (those born between 1997 and 2012) report “high” levels of anxiety about non-covered expenses. In addition, 52% of millennials (those born between 1981 and 1996), 50% of Gen X (those born between 1965 and 1980), and 47% of baby boomers (those born between 1946 and 1964) say they have high levels of anxiety about health care expenses.

Salary vs. Benefits

Given their growing concerns about health care expenses, a higher salary isn’t the only thing American workers look for when considering their job options. For many, benefits and flexibility also add to a sense of security and stability.

After pay, the top five considerations that workers look at in a job are:

Health benefits
Work-life balance
High job security
Paid time off
Flexible schedule

The Bottom Line

Many American workers feel financially insecure, reporting high levels of anxiety about costs such as non-covered health care expenses. Many of them would like a higher household income; on average, workers state that they need an additional $70,000 per year to feel financially stable. After salary, the top thing American workers look for when considering job options is health care benefits.

This feeling of needing more income is present across income brackets. No matter how much workers earn, they’re feeling overwhelmed by everyday expenses and especially worried about unexpected costs.