{"id":510482,"date":"2021-08-04T08:32:28","date_gmt":"2021-08-04T06:32:28","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=510482"},"modified":"2021-08-04T08:32:28","modified_gmt":"2021-08-04T06:32:28","slug":"how-much-money-you-need-to-feel-financially-secure","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/510482\/how-much-money-you-need-to-feel-financially-secure\/","title":{"rendered":"How much money you need to feel financially secure"},"content":{"rendered":"

A survey conducted in the US finds that $516,433 (R7.5 million) in savings is the magic number required to feel financially secure.<\/p>\n

A report by financial services company Personal Capital found that 20% of respondents would need more than $1,000,000 to feel financially healthy.<\/p>\n

When it comes to defining financial health, the report found that there is no one-size-fits-all definition, with Americans striving toward financial independence.<\/p>\n

The primary drivers of financial health include stability and security. Most Americans aim to have enough money to cover expenses and avoid losing sleep over money worries.<\/p>\n

According to the study, 49 is the average age at which respondents think people feel financially healthy, and 47 is the average age at which respondents actually feel financially healthy.<\/p>\n

Most respondents said that net worth is an important number to track, and 73% said that their net worth is a top indicator of financial health – yet only 66% know what their net worth is.<\/p>\n

The study, conducted by The Harris Poll, found more than half (57%) of Americans connect financial health with their overall happiness.<\/p>\n

When asked to define the term in their own words, the results showed it’s less about money or retiring at a certain age, but instead around the concept of financial freedom and having the ability to choose how they want to spend their money.<\/p>\n

Key Findings from the ‘Financial Wellness’ poll:<\/p>\n