People need $100,000 salary to stop money worries

An old saying goes, "Money can't buy happiness". A new report from the USA suggests this may be true. The financial planning experts Edelman Financial Engines conducted a survey on people's attitudes towards money. They found that nearly six in ten people needed to earn at least $100,000 a year to stop worrying about money. Around 50 per cent of the people in the survey said they would need an annual salary of $200,000 to feel happy and safe. The researchers also found that only 12 per cent of Americans think they are wealthy. Surprisingly, the researchers reported that just 33 per cent of millionaires in the study said they felt financially secure.

The Edelman report is called "Everyday Wealth in America". Researchers asked more than 3,000 adults over the age of 30 about their money worries. Half of those in the survey were "rich". They had wealth between $500,000 and $3 million. Isabel Barrow, director of financial planning, said: "What we are noticing is that many Americans, even those who are affluent, aren't feeling very confident about their financial situation." She added: "When I was getting out of college, it was a dream to say you could make $100,000". However, the report said that such a salary today simply means a stable lifestyle. It said $100,000 was no longer a sign of financial success and wealth.