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

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.

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