Americans now think a net worth of $2.5 million would make them wealthy, Charles Schwab’s 2024 Modern Wealth Survey found. This is up from $2.2 million in 2023 and 2022.
The threshold for being considered wealthy increases by age, with Baby Boomers, aged 60 to 78, saying it takes $2.8 million. Gen X, those 44-59, think $2.7 million is the threshold; Millennials, 28-43, say it’s $2.2 million; and Gen Z, 12-27, assert it’s $1.2 million.
The amount that Americans believe it takes to be “financially comfortable,” however, is much lower: $778,000. Boomers, on average, say $780,000 will make them feel financially comfortable, but this spikes to $873,000 for Gen X.
Curiously, the amount cited for feeling financially comfortable drops to $725,000 for Millennials and even further, to $406,000, for Gen Z.
Twenty-one percent of Americans think they are on track to become wealthy, and 10% say they’re already wealthy. Sixty-three percent of Americans give themselves a passing grade of A, B or C for how they are handling their personal finances, but this jumps to 86% for those who have a formal financial plan.
Sixty percent of Americans think they are in a better position to achieve their financial goals than the generation before them, and 60% are investing at least part of their money.
Only 36% have a written financial plan, and among those who do, 96% are confident they will reach their financial goals.
“Wealth means different things to different people, whether it’s financial freedom, enriching experiences with friends and family, or a certain dollar amount,” says Rob Williams, managing director of financial planning at Charles Schwab. “Our survey reinforces that people with a written financial plan are more confident about achieving their personal financial goals.”
Logica Research conducted the online survey of 1,200 adults aged 21 to 75 for Charles Schwab from March 4 to March 18, 2024.
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