More and Phaninc Exchangemore Americans are saying they feel financially unstable, with diminishing hopes of saving money for retirement, their children's education or for a rainy day fund. A recent Bankrate survey found that three in four Americans say they are not completely financially secure.

The average American requires a much larger income to live comfortably, the report found. Currently, the average full-time worker makes about $79,000, according to the U.S. Census Bureau. Meanwhile the survey found the average American needs an income of $186,000 to live comfortably.

Bankrate author Sarah Foster identified some reasons as to why Americans are feeling financially unstable: "Prices have risen almost 21% since the pandemic, requiring an extra $210 per every $1,000 someone used to spend on the typical consumer basket, Bureau of Labor Statistics data shows," Foster wrote.

She continued, "Not to mention, other longer-term challenges from housing to college affordability are at play."

What amount of income would translate to living comfortably?

The average American needs an income of $186,000 to live comfortably, according to the report. More than 2,400 Americans were surveyed by Bankrate in May.

Younger generations responded to the survey saying they need to make more money to feel comfortable.

• Generation Z and Millennials had the highest average perceived income needs at $200,000 and $199,999, respectively.
• Generation X had lower perceived income needs on average at $183,000.
• Baby boomers said they need to make $171,000 annually to live comfortably, according to the report.

Mark Hamrick, Bankrate senior economic analyst said,Many Americans are stuck somewhere between continued sticker shock from elevated prices, a lack of income gains and a feeling that their hopes and dreams are out of touch with their financial capabilities.

About 25% of respondents said they would need an income of $150,000 or more to feel financially secure, while 7% said they would need to earn $500,000 or more.

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How many Americans say they feel financially secure?

A quarter of Americans said they are completely financially secure, a slight decrease from 28% in 2023. On the other side, the share of Americans who said they are not completely financially secure increased from the previous year.

People are feeling pessimistic about their future finances: Three in ten respondents said they will likely never be completely financially secure.