We Don’t Feel Wealthy. Why?

CNBC published an article citing that 89% of Americans - even millionaires - do not feel wealthy in today’s economy and our overall confidence is shrinking when talking about our financial stability. 

The economy is always top of mind for us as individuals and always a focus around election season. 

The statistic of 89% comes from Fidelity Investment’s State of Wealth and Mobility Study that they conducted in August. 

Instead of rehashing the same common culprits of debt, low savings, rising costs, flat wages, unaffordability of housing, student loans and all the other depressing aspects that contribute to the economic situation, I found several important findings from the study that are more social in their relevance than economic. 

• 56% did not discuss personal finance with their parents when they were children

• 82% wish their parents had

• 16% of those that are not high net worth identify “not working” as a sign of wealth

• Those with a plan have 3x more confidence about building and protecting wealth

• 28% feel that human financial advisors are only available to those wealthier than they are

• 3% of Gen Z use a financial advisor

Where do you see yourself in some of these findings?

Overall, the situation continues and more than your personal savings behaviors will contribute to change.  We must continue to make social changes to bring about economic change for us all.

Here is the link to the CNBC article. 

https://apple.news/ASLJpMbOVSgO7_0u1La567g

I would recommend clicking the link embedded in the article to look over Fidelity’s survey and see how you compare.

As always, if you come across a financially related article you’d like to send my way please do! 

Best place to send them is to me.

More next time!

Jonathan