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Survey sheds light on actual vs. perceived wealth

Fewer than half of respondents making $300K annually view themselves as 'rich'

ColoradoBiz Staff //June 26, 2024//

Survey sheds light on actual vs. perceived wealth

Fewer than half of respondents making $300K annually view themselves as 'rich'

ColoradoBiz Staff //June 26, 2024//

According to a new survey from Jenius Bank, only 20% of the general population surveyed said they consider themselves to be rich, but 32% said others consider them to be rich, indicating they don’t see themselves to be as affluent as outsiders may perceive them.

With concerns around mounting debt and saving for retirement so prevalent, people might just be getting by, even if they have a higher income. Even among respondents making over $300K a year, 45.9% still say they don’t see themselves as rich.

When asked “what does being ‘rich’ mean to you,” respondents said:
33.4% – Not having financial debt
33.1% – Retiring early without concern about running out of funds
27.8% – Establishing generational wealth
84.4% of women do not consider themselves rich, compared to 66.2% of men.

“What’s more, women (37.9%) feel like they are financially behind where they thought they would be more so than men (25.1%).”

This can mean that the pay gap may not be the only factor influencing women’s sentiment toward their wealth. Various income levels feel they’re behind others in their own age group, further supporting the idea that the optics of wealth may be putting pressure on consumers.

Over a third (33.5%) of those respondents who earn $100-$124.9K fear their monthly income won’t cover expenses. The same goes for a quarter of respondents who make over $300K, well above the range of perceived livability. In this case, it may be more a matter of “lifestyle creep” and maintaining the image of wealth, rather than affording the necessities.

The full study can be seen at: Mind Money Connection from Jenius Bank.

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