Millennial’s Define Wealth Differently

Owning a Home still is a big factor in Millennial’s feeling “wealthy”, but it is not the number one factor.

Schwab asked people to think about personal definitions of wealth in their lives, and the survey revealed a wide range of perspectives. When asked for their personal definition of wealth, two of the top three most popular descriptors arenYt even about money at all.

Their definition of “wealthy” is not the same as your grandparents’ definition.  A new survey called the 2018 Modern Wealth Index compiled by Charles Schwab showed that owning a home was rated just above “eating out”.  Here are the top 5 things that make them “feel” more wealthy:

  • Spending time with family (62 percent)
  • Having time to myself (55 percent)
  • Owning a home (49 percent)
  • Eating out or having meals delivered (41 percent)
  • Subscription services like movie/TV and music streaming (33 percent)

Other things that make people feel wealthy in their daily lives include owning the latest tech gadgets (27 percent), having a gym membership or personal trainer (17 percent), and using a home cleaning service (12 percent).

When asked to focus just on numbers, survey respondents believe it takes $1.4 million to be considered financially comfortable. To be considered truly Ywealthy,Y that number increases to $2.4 million.

Source: 2018 Modern Wealth Index