“We’re seeing these trends at Schwab as well,” Craig added. “Americans today aren’t as worried about keeping up with the Joneses, and more importantly, they understand that they can be happier with fulfilling experiences and relationships, even if they have less money than them,” said Jonathan Craig, managing director and head of investor services at Charles Schwab.Īs the Schwab survey shows, many Americans are changing the way they look at life, moving away from the “bigger, better” mentality and toward investing in an enjoyable stress-free life. Respondents overwhelmingly embraced value-driven “wealth” over material possessions and making more money by selecting things like enjoying experiences (70%) over owning nice things (30%), not having to stress over money (70%) over having more money than most people they knew (30%) and having a healthy work life balance (69%) over maximizing their earnings (31%). Take Our Poll: Who Has Given You the Best Money Advice You Have Ever Received?Īcross the board, those surveyed tended to veer toward answer choices that gave priority to healthy relationships and having flexibility, freedom and less stress in their lives. Well-being was more important than anything else.” Per Schwab: “And they did this not by choosing their favorite answer to a multiple-choice question, but in their own words. This year, the study found that more respondents value well-being (40%) over money (32%) or assets (26%) when asked what it means to be wealthy. The sixth annual Schwab survey, conducted by Logica Research, examines how Americans think about saving, spending, investing and wealth. For millennials who say they feel wealthy, their average net worth is about $530,000, per CNBC. Schwab found that millennials are more likely to say they are wealthy, with 57% of those aged 26 to 41 feeling this way compared with only about 40% of Gen Z, Gen X and baby boomers. However, this group has an average net worth of $560,000, about a quarter of the $2.2M they think it takes to be rich. However, the survey finds that being “wealthy,” at least in the minds of those polled, has little to do with making a higher salary and building actual financial wealth.Īmong the 1,000 adults surveyed, 48% claimed they already feel wealthy. 1 Thing To Do To Build Wealthįind: How To Build Your Savings From ScratchĪccording to Charles Schwab’s 2022 Modern Wealth Survey, the average American believes that being rich means having a net worth of $2.2 million. However, a growing number of Americans feel that having just enough money to get by - and managing to live well with less stress - is the true meaning of “wealthy.” If the last few years have taught us anything, it’s that the modern economy is turbulent and often challenging.
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