Unusual Whales

Charles Schwab survey finds almost half of Gen Zers and a little over half of millennials feel somewhat or very wealthy

Unusual Whales -

Quartz

Two particular age groups, Gen Zers, and millennials, reportedly feel somewhat or very wealthy. This came from a Charles Schwab survey which included 1,200 participants.

The participants included different age groups, from Gen Zers to Boomers.

Here's the breakdown for the participants.

  • Gen Z - 13% of participants
  • Millennials - 34% of participants
  • Gen X - 28% of participants
  • Boomers - 25% of participants

While the median income for participants was $68,000 yearly, 57% of millennials felt wealthy. It was noted that those who felt wealthy had an average net worth of $531,000.

The number for Gen Zers and Gen Xers to feel wealthy was $100,000, while for Boomers, the amount needed was $692,000. It was also found that 67% of Boomers were likely to value having time over money.

Toward the end of February, it was reported that Gen Z workers placed 20% of their annual salary into their 401(k) or a similar plan. The report noted that Gen Z had median retirement savings of $33,000 while Baby Boomers had retirement savings of $162,000.

It was also reported that over 80% of Gen Z Americans started investing before turning 21. This was true for this age group in the US and UK, while Canadian and Chinese youth also started to follow.

See flow at unusualwhales.com/flow.

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