How much money you have has very little to do with how wealthy you feel.
This is backed up by a new report titled “Everyday Wealth in America” from wealth management firm Edelman Financial Engines. More than 2,000 people from all wealth classes were surveyed, with a focus on upper-middle-class earners with household wealth between $500,000 and $3 million.
According to the report, only 12% of respondents feel “wealthy” and 23% feel “very comfortable” financially. For millionaires, it was 29% and 44%, respectively.
According to the report, the main reason for this is inflation. Eighty percent of respondents, including four in five affluent respondents, say they have had to change their spending habits. These changes include the following, cited by nearly half of respondents:
Buy less things for yourself: 49% Less leisure and entertainment: 46% Spend less on groceries: 42%
Additionally, 69% agree that all their money is spent on essentials, while half (50%) of affluent respondents agree. Politics and recession fears were also major concerns cited by survey participants.
However, we are not powerless against inflation. Learn from our story, “Americans Lose $445 a Month to Inflation: How to Protect Your Wallet.”