Are you “well-off?” We all know what the words mean, but how we apply the concept to our own lives and define our space in life has a lot to do with how old we are. Mike Brown is Managing Director of a firm that helps people called Comet, and they asked.
Being able to pay bills on time was the number one reason 1,000 respondents gave for a sense of well-being. Being able to afford desired experiences, things like trips and concerts, was number two, followed by living debt free, having a retirement fund, and owning a home. But when individuals are asked about where they stand in life, age jumps out as the determining factor, Brown found. “The Millennials seem to have the best perception of themselves at 42%, the Gen-Xers were at 29% and the baby Boomers were at 34%.
When you get down to the dollars and sense of it all, how much money is in the bank is a factor in self-perception, and Brown highlights relative to their age, how well Millennials are doing in stocking money away. “The average savings for a Millennial was $54,845 compared to Gen-Xers at $65k and Baby Boomers at $69k,” he tells KTRH News. For Boomers, being well-off is defined by their retirement portfolio.