By Daniel de Vise
Burlington Free Press
Aug. 17, 2025
According to Charles Schwab’s 2025 Modern Wealth Survey, Americans say you don’t need $1 million to feel financially comfortable—$839,000 is the new benchmark. However, to be considered wealthy, the bar is much higher at $2.3 million. The key difference? Comfort covers needs and wants; wealth includes fulfilling wishes and having more freedom.
Only 20% of Americans feel financially comfortable now, and just 11% feel wealthy. Gen Z and millennials are more optimistic about reaching these goals. Overall, most Americans define wealth not just by money, but by happiness, health, relationships, and life experiences.
Lili Vasileff, a certified financial planner in Greenwich, Connecticut, defines financial comfort as essentially never having to worry about money.
“Comfortable, to me, means that I can meet my bills every day of the week, that I don’t live paycheck to paycheck, that I have savings set aside as an emergency fund, and that I have made good progress toward achieving my financial goals. Being wealthy is about financial freedom and loftier goals.
Wealthy, to me, means that I have savings that I don’t need to dip into, and I can create a legacy for my children, that I have the ability to have a little more ego in terms of the quality of things that I want,” she said.
See the full article at PressReader.com – Burlington Free Press.
