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We've all heard the saying, "Money can't buy happiness". In the words of Benjamin Franklin, "Money has never made man happy, nor will it, there is nothing in its nature to produce happiness." The saying "money can't buy happiness" is a complex one, with evidence supporting both sides. While money can alleviate financial stress and provide access to experiences that might bring joy, it doesn't guarantee lasting happiness or replace fundamental needs like strong relationships, purpose, and personal fulfillment. Either way, the topic has attracted a lot of attention in history. Charles Schwab has been conducting the Modern Wealth Survey since 2017. The 2025 survey is the ninth annual issue. This year's online survey was conducted from April 24, 2025, to May 23, 2025, among a national sample of 2,000 Americans aged 21 to 75. The graph below shows how Americans define wealth.
When asked what makes them feel wealthy, the survey respondents underemphasized the amount of money they had. The majority of those surveyed said they felt wealthy based on quality of relationships, happiness and free time. The graph below shows the results.
Wealth is about more than money?
While Schwab's 2025 Modern Wealth Survey shows Americans define wealth as more than just money, the survey also found it takes more money for Americans to be financially comfortable than it did a year ago. According to survey responses, Americans believe it takes $839,000 to be “financially comfortable.” This is up from $778,000 reported last year, but down from the $1 million Americans cited in 2023. This year’s Modern Wealth Survey also revealed that Americans now think it takes an average of $2.3 million to be considered “wealthy,” which is a slight drop year over year but is consistent with the five-year trend. Here are the findings...
Apparently age is a factor on what it takes to feel rich. The table below indicates it takes less for today's younger generation. Maybe the "Boomers" have a more expensive habits...
Here are the generational definitions used by the survey:
• Gen Z: 1997-2003
• Millennials: 1981-1996
• Gen X: 1965-1980
• Boomers: 1948-1964
Some more wisdom on money and happiness...
"The best things in life are free. The second best are very expensive." — Coco Chanel
"Wealth consists not in having great possessions, but in having few wants." — Epictetus
"Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." — Will Rogers
John J. Gardner, CFP®, CPM®
Blackhawk Wealth Advisors
3860 Blackhawk Rd, Ste. 160
Danville, Ca. 94506
888.985.PLAN (7526)
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