There’s an old song by the Jefferson Airplane that goes “You’re only [as] pretty as you feel.” Perhaps the same can be said about wealth. So much so that brokerage firm Charles Schwab commissions an annual study of 2,200 Americans regarding their beliefs about their wealth. There are some interesting findings from the recently released 2025 study.

What does it mean to be wealthy? The largest number of respondents chose happiness as the most important factor, although it was close to money (45% vs. 44%). Others chose physical or mental health, relationships, accomplishments, or other factors. Interestingly only 18% chose free time as the most important factor.

The study also compared the perception of being financially comfortable versus being wealthy. Almost half of all respondents reported feeling financially comfortable, with the youngest cohort (Gen Z: those born between 1997 and 2003) feeling the most comfortable (57%). Only about a third of respondents, however, considered themselves wealthy, and as with the above, the younger the respondent, the higher their view of their wealth. These findings suggest a degree of financial optimism shared by younger Americans but raise concerns about those in or approaching retirement. Just 39% of Boomers (born between 1948 and 1964) feel comfortable about their financial situation and only 20% feel wealthy.

Is there a target savings amount for which people feel financially comfortable or wealthy? Yes, and that number varies significantly depending on age. Surprisingly, younger Americans think it takes less to become wealthy than older ones: $1.7 million for Gen Z, $2.1 million for Millenials (1981-1996) and Gen X (1965-1980), and $2.8 million for Boomers. This perception of wealth based on age also carries through to the lesser amount needed just to feel financially comfortable, with Gen Z believing they need the least amount ($329,000) and Boomers the most ($943,000).

The report also tracks how wealth viewpoints have changed over the past five years. In 2021 respondents on average felt only $624,000 would be needed to achieve financial comfort. That amount went up to $1 million in 2023, likely due to the post-Covid inflation spike. In the current study it has dropped back to $839,000. Similarly, what respondents thought it took to become wealthy in 2021 was $1.9 million, rising to $2.5 million in 2024, and declining to $2.3 million today.

According to the study, Americans who are saving, investing their savings, and have a financial plan are more optimistic about their current wealth and/or their ability to reach their wealth goals. If you’re not feeling comfortable with your own wealth situation, that might be a way to improve it.

Here’s a link to the study: https://content.schwab.com/web/retail/public/about-schwab/schwab-modern-wealth-survey-2025-findings.pdf.

(Artie Green is founder of Cognizant Wealth Advisors dba Perigon Wealth Management, LLC, a registered investment advisor. For more information visit cognizantwealth.com. More information about the firm can also be found in its Form ADV Part 2, which is available upon request by calling 877-977-2555 or by emailing compliance@perigonwealth.com).