In today’s America, the definition of wealth appears to extend beyond owning financial assets and material possessions.
Charles Schwab’s annual Modern Wealth Survey reveals a shift in how Americans define true wealth, which emphasizes experiences, less stress over finances and a healthy work-life balance over material gains.
Enjoying Experiences Over Material Possessions
According to the survey, about 70% of Americans prioritize life experiences over owning luxurious items. Aja Evans, a licensed mental health counselor at Laurel Road, elaborated on this perspective and told CNBC in September, “What makes me happy might be a vacation, but what does that need to look like, and why is it?”
Evans further explained, “It’s kind of like peeling one layer and then we’re peeling another and really getting deep down to what makes you happy.”
Financial Security Over Wealth Comparison
The survey showed that, for 70% of respondents, alleviating financial stress is more meaningful than surpassing the wealth of their peers. Evans highlighted the importance of using one’s financial resources efficiently, saying, “Yes, money will give you access to stability, security and resources, but with that money, you need to actually utilize the resources.”
Also Read: What Makes Us Happy In Life? This Is What A Harvard Study Says
Pointing out that more income doesn’t necessarily equate to peace of mind, she also noted the need to address whatever deep financial management issues one may have, explaining, “It’s a misconception that more money is going to solve your problems.”
Work-Life Balance Over Maximizing Income
Close to 69% of Americans prefer a healthy balance between professional and personal life over maximizing their earnings. This finding reflects the growing significance of job satisfaction and personal fulfillment in defining one’s wealth.
The survey’s results challenge traditional notions of wealth, suggesting that for many Americans, feeling wealthy is as much about emotional fulfillment and lifestyle balance as it is about financial accumulation.
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This story is part of a series of features on the subject of success, Benzinga Inspire.
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