Market volatility, inflation, and economic uncertainty have forced Americans to rethink their finances. What would once have been considered more than adequate wealth, now equates to simply ‘financially comfortable’.
In fact, the amount that is required even to fit that definition has increased by more than $50K in the past year alone, according to the latest Modern Wealth Survey from Charles Schwab.
In 2024, survey respondents said they would need $778,000 to feel ‘financially comfortable’ but in 2025 this has increased to $839,000. Although the figure related to this question spiked to $1 million in 2023, just two years earlier it was a relatively modest $624,000. Inflation is a key factor in the increase.
Boomers now say it takes $943,000 to feel comfortable, up from $780,000 last year. For Millennials the figure jumped from $725,000 to $847,000, Gen X lowered their figure from $873,000 to $783,000 and Gen Z lowered theirs from $406,000 to $329,000.
Gen Z are also the most optimistic, with 43% saying they’re on track to achieve wealth compared to 36% across all generations.
But what about feeling not just comfortable, but actually wealthy?
In 2021, the amount needed to feel wealthy was $1.9 million, but this has grown to $2.3 million in 2025. It’s down slightly from last year’s $2.5 million but most respondents say the feeling of being wealthy is slipping further away.
But it’s not just about the money, as 45% of respondents defined wealth as happiness, not dollars, followed financial security (44%), physical health (37%), mental health (32%), and relationships (24%).
Most people (over 80%) say they feel wealthy because of the quality of their relationships, their happiness, or the time they have compared to 49% who cited money.
“The concept of wealth can feel distant, abstract, or even aspirational, while financial comfort is something people might see as more tangible and associated with the everyday realities they’re facing right now,” said Rob Williams, CFP, managing director of financial planning at Charles Schwab. “It can be hard to navigate these concepts side by side in the form of short- and long-term financial goals. But both are important when it comes to understanding and managing your full financial life.”
Having a plan matters. Among those who identify as planners, 39% say they’re already financially comfortable, and 25% say they’re already wealthy, more than double the national average. The same goes for savers and investors.
Gen Z plan more than older generations with 39% having a documented financial plan, compared to 36% of Millennials, 27% of Gen Xers, and just 26% of Boomers.
“It’s encouraging to see that young people recognize the value of planning,” said Williams. “Having a written financial plan not only helps people define what wealth means to them but also gives them a roadmap to get there. Especially in uncertain times, planning can help turn aspiration into action.”
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