Being “rich” is no longer about buying a fancy car or having the largest home — it’s about financial security.
Rather than indulgence or excess, today’s Americans associate wealth with stability and peace of mind. Americans say that being wealthy means living comfortably without financial concerns, feeling financially secure and being debt-free, according to a recent survey by LendingTree.
Over half of Americans define wealth as having no financial concerns. That’s more than double the 23% who associate it with earning six figures and the 26% who say it means having a net worth of $1 million or more, the survey found.
In fact, 4 in 5 Americans don’t consider themselves wealthy, and among those making six figures, 58% still say they’re not wealthy, the survey said.
When asked what “wealth” means to them, survey respondents’ top three answers were:
Living comfortably without financial concerns (54%)Feeling financially secure (51%)Being debt-free (48%)
To feel financially secure, nearly half of adults said they would need to make $100,000 or more, according to a June survey conducted by Bankrate. About a fourth of adults said they would need to make $150,000 or more, and 16% said they would need to make at least $200,000, the Bankrate survey said.
Similar to the LendingTree survey, Americans told Bankrate that their definition of wealth is changing due to rising expenses and financial uncertainty, leading them to prioritize financial security over traditional measures like net worth or luxury assets.
“Getting rich may have once been what many Americans fantasized about, but now, simply living comfortably feels like the new aspiration, as economic challenges make financial stability a rare luxury,” said Bankrate economic analyst Sarah Foster.
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