Wealth has always been associated with luxury and riches. Nice cars, fancy houses, and the ability to buy pretty much anything your heart desires. But the economy is not what it once was, and with so many more people struggling just to get by, that definition of wealth might not be as accurate any longer.
For most Americans, shopping sprees and luxury vacations are now exclusive to the uber-rich, a class that is distinctly different than just plain wealthy. A recent survey conducted by LendingTree of over 2,000 consumers revealed that different definitions of wealth are emerging, ones that are more concerned with comfort and safety than abundance.
Survey participants were asked what “wealth” means to them, and the top response was living comfortably without financial concerns (54%). They don’t need designer clothes or the best new technology. They just want to live in peace without financial concerns constantly hanging over their heads.
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Unfortunately, inflation and other rising costs are making this harder and harder to attain. A 2025 Bankrate survey discovered that 26% of American adults believe they would need to make $150,000 or more each year to actually live comfortably. Bankrate U.S. Economy Reporter Sarah Foster explained, “Getting rich may have once been what many Americans fantasized about, but now, simply living comfortably feels like the new aspiration, as economic challenges make financial stability a rare luxury.”
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Financial security, the second-highest response in the survey (51%), isn’t just about having enough money to live comfortably. It’s about having the freedom to plan for the future and do what you want in the present. Having money set aside for emergencies and other potential expenses, and having the flexibility to change up your career, take some time off, or pursue other opportunities.
Basically, being financially secure means having enough money that you can actually save. Since a survey by CardRates.com found that 60% of millennials are spending more than half of their income on housing, it makes sense that even a small amount of money left over for savings could make a person feel like a prince instead of a pauper.
Being financially secure can have significant impacts on your mental health and well-being. Recent research from the Financial Health Network shares that 4 in 10 Americans (40%) have high or moderate stress from their current financial situation. The uncertainty can negatively impact other areas of your life, such as your job and relationships.
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Survey participants also said another important aspect of wealth is being debt-free (48%). Most were split on the topic, as 34% said you can’t be wealthy if you have any debt, and 66% said you can, but that it depends on the type of debt you have. Some think a mortgage (31%) is the only acceptable debt to have, while others think you can still be wealthy with any type of debt (35%).
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Being debt-free is a dream to most, and at times it may seem impossible. Making the effort to understand your debt, assess your spending habits, and putting in the work to get out of debt can go a long way, even if the economy isn’t necessarily in your favor. Dasha Kennedy, a personal finance expert, said, “You don’t need another plan you’ll forget about in two weeks. You need a system that actually works in real life.”
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Kayla Asbach is a writer currently working on her bachelor’s degree at the University of Central Florida. She covers relationships, psychology, self-help, pop culture, and human interest topics.
