The feeling of being well off is increasingly elusive, almost regardless of how much money you have, a separate report by Edelman Financial Engines also found.
The average household’s net worth has soared in recent years, rising 37% between 2019 and 2022, according to the survey of consumer finances from the Federal Reserve.
Still, only 14% of Americans would consider themselves wealthy, according to Edelman Financial Engines, and the bar is only getting increasingly out of reach. In fact, more than half of Americans earning more than $100,000 a year say they live paycheck to paycheck, another report by LendingClub found.
A prolonged period of high inflation and instability has chipped away at most consumers’ buying power and confidence. Instagram is also partly to blame.
“What we found was a really strong connection between feeling badly about your money situation and how much time you spend on social media,” said Isabel Barrow, director of financial planning at Edelman Financial Engines.
