Inflation, geopolitical uncertainty and fears of a recession have undermined financial confidence across the board, according to a new report by Edelman Financial Engines.
Less than one-quarter, or 23%, of more than 2,000 adults polled earlier this fall said they felt “very comfortable” about their finances. Fewer — just 12% — consider themselves wealthy, the report said.
Even with their high net worth, less than half of all millionaires, or 44%, felt “very comfortable” about their finances and fewer than one-third, or 29%, felt wealthy, the report also found.
“Becoming a millionaire was always the pinnacle of financial success,” said Jason Van de Loo, head of wealth planning and marketing at Edelman Financial Engines.
But at a time when inflation and stress levels are up, and markets and portfolios are down, “very few Americans actually feel wealthy.”