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Being rich means different things to different people. The wealth threshold is explored in the 2023 Modern Wealth Survey, an annual examination by Charles Schwab of how Americans think about saving, spending, investing, and total wealth.
| tape | protection | last | changes | changes % |
|---|---|---|---|---|
| SCHW | Charles Schwab Corporation. | 54.41 | -1.13 | -2.03% |
It takes $2.2 million to be considered wealthy
According to Charles Schwab, this year’s survey of 1,000 respondents revealed a paradox between how people define wealth for themselves and how they define it for others.
The data also showed that the 48% of Americans who feel rich today have an average net worth of $560,000, compared to the $2.2 million they say it takes to be considered wealthy.
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The survey shows that about two-thirds of Americans (62%) say that being able to enjoy healthy relationships with loved ones describes wealth better than having a lot of money. And seven in 10 say wealth is more about not having to stress about money than having more of it.
Participants were also asked to share what it means to be rich in their own words. According to the results of the survey, Americans mention their well-being (40%) more than money (32%) and assets (26%). ).
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“My interpretation is that we look at what money will do for us a little bit more in terms of lifestyle rather than dollar amount,” Rob Williams, managing director of financial planning at Charles Schwab told FOX Business. “Wealth today is more about healthy relationships with family/friends, good health and career flexibility than having more money.”
“Wealth today is more about healthy relationships with family/friends, good health and career flexibility than having more money.”
Age also appears to play a role in perceptions of wealth. Survey results revealed that eight out of ten Baby Boomers revealed that wealth is more about enjoying experiences (79%) and not having financial stress (83%) than having nice things or accumulating more dollars.
“We’re seeing these trends in Schwab as well,” Jonathan Craig, managing director and head of investor services at Charles Schwab, said in a press release.
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“When people think about managing their finances and building their wealth, it is much more personal than just money and investments. How they invest and what they invest in reflects their unique goals and passions.”
Craig said that respondents value experiences and relationships in their lives.
Craig continued, “Americans today are not worried about keeping up with the neighbors, and more importantly, they understand that they can be happier with good experiences and relationships, even if they have less money than they do.”
The survey was conducted online by Logica Research from March 1 to March 13 among a national sample of 1,000 Americans ages 21 to 75. 200 Generation Z Americans completed the study.
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Respondents reveal that more financial planning may be required
Schwab’s survey also indicated that about a third (35%) of Americans have outlined their goals and documented a financial plan. And of those who do, seven in 10 say it makes them feel more in control of their finances. Nine out of 10 say they feel confident they will reach their financial goals.
Does social media intersect with perceptions and attitudes of wealth?
According to Schwab’s survey, social media can raise doubts in Americans about how rich they feel and can influence the tendency to compare themselves to their social circles. Almost half of them (47%) say that being able to afford a life similar to their friends makes them feel richer.
Among those who use social media, more than a third (37%) say they compare their lifestyles to what family and friends share on social media, Schwab said in a press release. Also, 34% said they make certain purchases based on what they see on social media from friends and influencers.
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It also reveals financial decisions (33%) and investment decisions (33%) that are influenced by social media.
“The accessibility of social media and the ability to instantly scroll through and see luxury new items or exotic trips may influence how individuals feel about their own wealth,” Williams tells FOX Business.
“If they feel like something family and friends If they buy or make purchases within their financial reach, they are more likely to identify themselves as feeling rich.”
Williams also says that social media has become a platform that Americans increasingly use to obtain financial, investment, and savings advice, “which shows that many Americans have their financial goals in mind.”
“Beer fan. Travel specialist. Amateur alcohol scholar. Bacon trailblazer. Music fanatic.”