Health is Wealth
21 June 2023
We have been saying it all along: Health is Wealth.
And we are very pleased to notice that a new awareness is spreading. According to Schwab’s seventh annual Modern Wealth Survey, when it comes to wealth, well-being is more important than money or other assets.
Schwab’s seventh annual Modern Wealth Survey analyses how Americans think about saving, spending, investing and wealth: of the 1,000 adults surveyed, about 48% say they already feel wealthy.
Nearly two-thirds of Americans (62%) say being able to enjoy healthy relationships with their loved ones better describes wealth than having a lot of money and 7 in 10 say wealth is more about not having to stress over money than having more of it.
when asked to characterize what it means to be wealthy in their own words, Americans mention their well-being (40%) more often than money (32%) and assets (26%). In 2017, the top response to what wealth means was money (27%).
Definition of Wealth according to Americans:
40% well-being
32% money
26% assets
25% necessities
15% freedom
13% achievements/goals
11% luxury
9% giving
“Whether they know it or not, well-being is much more important,” - CFP and financial psychologist Brad Klontz, a managing principal of Your Mental Wealth Advisors in Boulder, Colorado
These leanings are even stronger among older generations, with 8 in 10 Boomers saying wealth is more about enjoying experiences (79%) and not having financial stress (83%) than having nice things or accumulating more dollars.
