{"id":9772,"date":"2023-11-10T17:33:46","date_gmt":"2023-11-10T17:33:46","guid":{"rendered":"https:\/\/connectwithfund.com\/news\/31-of-millionaires-say-theyre-part-of-the-middle-class-survey-finds-people-feel-squeezed-advisor-explains\/"},"modified":"2023-11-10T17:33:47","modified_gmt":"2023-11-10T17:33:47","slug":"31-of-millionaires-say-theyre-part-of-the-middle-class-survey-finds-people-feel-squeezed-advisor-explains","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=9772","title":{"rendered":"31% of millionaires say they’re part of the middle class, survey finds. ‘People feel squeezed,’ advisor explains"},"content":{"rendered":"
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Feeling “rich” is increasingly elusive.<\/p>\n

Even among millionaires, only 8% would characterize themselves as wealthy these days.<\/p>\n

Roughly 60% of investors with $1 million or more of investable assets said they are more likely upper middle class, according to a recent Ameriprise Financial survey of more than 3,000 adults.<\/p>\n

To that point, 31% consider themselves decidedly middle class.<\/p>\n

More from Personal Finance:<\/strong>
Credit card balances spiked in the third quarter
Why working longer is a bad retirement plan
Retirement goal expectations vs. reality<\/p>\n

Between persistent inflation, high interest rates and geopolitical and economic uncertainty, fewer Americans, including millionaires,\u00a0feel confident about their financial standing.<\/p>\n

“Many people feel squeezed between higher prices and lower asset prices,” said Kim Maez, a certified financial planner and private wealth advisor at Ameriprise. “While a necessary part of the economic cycle, it’s also uncomfortable.”<\/p>\n

Even doctors, lawyers and other highly paid professionals \u2014 also referred to as the “regular rich” \u2014 who benefit from stable jobs, homeownership and a well-padded retirement savings account said they don’t feel well off at all. Some even said they feel poor, according to a separate survey conducted by Bloomberg.<\/p>\n

Of those making more than $175,000 a year, or roughly the top 10% of tax filers, one-quarter said they were either “very poor,” “poor” or “getting by but things are tight.”<\/p>\n

Even a share of those making more than $500,000 and $1,000,000 said the same.<\/p>\n

Despite their high-net worth, just 44% all millionaires felt “very comfortable,” another report by Edelman Financial Engines found.<\/p>\n<\/div>\n

What it takes to feel wealthy<\/h2>\n
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“What would it take to feel wealthy?<\/p>\n

Jason Van de Loo, chief client officer at Edelman Financial Engines, recently told CNBC: “The short answer is more.”<\/p>\n

Most people said they would need $1 million in the bank, although high-net-worth individuals put the bar much higher. More than half said they would need more than $3 million, and one-third said it would take more than $5 million, Edelman Financial Engines found.<\/p>\n

When it comes to their salary, Americans said they would need to\u00a0earn $233,000 on average to feel financially secure, according to a separate Bankrate survey. But to feel rich, they would need to earn nearly half a million a year, or $483,000, on average.<\/p>\n

Of course, higher costs continue to make it hard to make ends meet. Households are facing surging child-care expenses, ballooning auto loans, high mortgage rates\u00a0and record rents along with the resumption of student loan payments.<\/p>\n

To bridge the gap, more people rely on credit cards to cover day-to-day expenses.<\/p>\n

In the last year, credit card debt spiked to an all-time high, while the personal savings rate fell.<\/p>\n<\/div>\n

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But a deterioration of the American dream has been decades in the making, according to Mark Hamrick, Bankrate’s senior economic analyst.<\/p>\n

“Structural or long-term changes have been injurious to Americans’ ability to manage their personal finances,” he said.<\/p>\n

“Where there was a time in the U.S. when a married couple, with children, could get by with a single-wage earner in the house, those days are mostly vestiges of the past.”<\/p>\n

Money continues to be the No. 1 source of stress among households, Van de Loo added. “The last couple of years just lit a match to those concerns.”<\/p>\n

Subscribe to CNBC on YouTube.<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Feeling “rich” is increasingly elusive. Even among millionaires, only 8% would characterize themselves as wealthy these days. Roughly 60% of investors with $1 million or more of investable assets said they are more likely upper middle class, according to a recent Ameriprise Financial survey of more than 3,000 adults. To that point, 31% consider themselves decidedly middle class. More from Personal Finance:Credit card balances spiked in the third quarterWhy working longer is a bad retirement planRetirement goal expectations vs. reality Between persistent inflation, high interest rates and geopolitical and economic uncertainty, fewer Americans, including millionaires,\u00a0feel confident about their financial standing.<\/p>\n","protected":false},"author":1,"featured_media":9773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-9772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n31% of millionaires say they're part of the middle class, survey finds. 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