Many Americans struggle to earn enough to sustain their way of life, according to a survey.

New Research: Average Salary for Americans is $74,000

A recent survey reveals that the typical American believes a satisfactory annual salary is around $74,000.

This study, which gathered insights from 2,000 adults, aimed to understand the financial expectations for happiness. While the average desired salary was pegged at $74,000, notably, 19% of respondents indicated they’d need to earn at least six figures to maintain their preferred lifestyle.

It’s interesting to note that half of the participants feel their current earnings do not adequately support their way of life. In fact, about 24% of employed Americans express dissatisfaction with their income.

When it comes to extra earnings, many respondents indicated they would direct this money primarily into savings or investments (46%), with 42% opting to cover their bills. Others mentioned that they would address rising costs, such as groceries (35%) or travel (23%).

The study, conducted by SurePayroll’s Talker Research team with Paychex, found that people are actively pursuing the income they desire.

Currently, 35% of respondents are searching for new job opportunities. Among those navigating the job market in the past year, 39% found it more challenging than before.

This has led 32% of non-business owners to express an increased interest in side hustles, with more than two-thirds of all respondents exploring ways to earn additional income.

Half of those surveyed believe that starting small businesses or side projects is now more practical than aiming for traditional full-time roles (52%).

In exploring income-generating activities, 47% of respondents see potential in monetizing their personal interests and hobbies.

In fact, 59% of non-business owners hope to turn their passions into profit, expressing interest in ventures like quilting, audio production, or helping others release emotional stress.

Almost half of the participants mentioned that their motivation to start side hustles is rooted in their passion for business (47%). For 57% of those driven by passion, being able to solely rely on this income would be ideal.

Of those surveyed, 29% already have side hustles, and from those, 40% say they are fueled more by passion than by financial gain.

While salary is undeniably important, job seekers are looking for more than just a paycheck. Many desire better benefits (28%), improved work-life balance (20%), and greater flexibility (20%).

A quarter of Americans believe working for small businesses has its advantages (24%). They feel that these businesses foster a more engaging work environment, with better customer relationships (59% vs. 7%) and enhanced employee bonds (58% vs. 9%).

“The data indicates a growing trend of Americans wanting to turn their passions into income,” says Glenn Ferretti, director of digital sales at SurePayroll. “Whether via side hustles or fully launching small businesses, it’s evident people are seeking more meaning, control, and freedom in their work lives.”