How much money you have has very little to do with how wealthy you feel.
That’s backed up by a new report called “Everyday Wealth in America” from wealth management firm Edelman Financial Engines. It surveyed more than 2,000 people from all net worth brackets, with an emphasis on upper-middle-class earners who have household assets of between $500,000 and $3 million.
The report found just 12% of respondents feel “wealthy” and 23% feel “very comfortable” financially. For millionaires, those figures were 29% and 44%, respectively.
The biggest reason why, according to the report, is inflation. Eighty percent of those surveyed, including 4 in 5 affluent respondents, say they’ve had to change their spending habits. Those changes include the following, cited by nearly half of those polled:
Buying fewer things for themselves: 49%
Cutting back on recreation and entertainment: 46%
Reducing what they spend on food: 42%
What’s more, 69% feel all of their money is going toward necessities, while half (50%) of the affluent respondents agreed. Politics and recession fears were also major concerns cited by survey respondents.
However, we’re not powerless against inflation. Learn about the most productive steps you can take in our story “Americans Are Losing $445 Monthly to Inflation: Here’s How to Protect Your Wallet.”