High earners still feel insecure

Northwestern Mutual’s 2024 Planning & Progress Study found just about one in three U.S. millionaires described themselves as “wealthy,” and 48% said their financial planning needed improvement. (news.northwesternmutual.com) Charles Schwab’s 2025 Modern Wealth Survey reports Americans now say an average net worth of $2.3 million is required to be “wealthy,” while $839,000 is the average threshold respondents gave for being “financially comfortable.” (pressroom.aboutschwab.com) A BHG Financial analysis published in early 2026 found 62% of people reporting incomes above $300,000 still carry credit‑card balances, a headline statistic that underscores liquidity and debt exposure among high earners. (bhgfinancial.com) Goldman Sachs Asset Management’s 2025 Retirement Survey showed roughly 41% of households earning $300,000–$500,000 say they’re living paycheck‑to‑paycheck, and about 42% of younger workers overall report the same financial strain. (am.gs.com) Academic reviews of the Easterlin paradox and relative‑income literature conclude that subjective financial satisfaction depends more on income rank and social reference groups than on absolute dollars, a mechanism cited to explain why higher net worth doesn’t always raise felt wealth. (aeaweb.org) Inflation and housing appreciation have reduced the real value of seven figures: analysis shows $1 million in 2025 has the purchasing power equivalent to roughly $531,000 in 2000 and about $254,000 in 1980. (moneywise.com) Northwestern Mutual’s newly released 2026 Planning & Progress Study, published March 9, 2026, reports year‑over‑year gains in the share of Americans saying they feel financially secure, with the largest improvements among Millennials and Gen X — a signal that perceptions of “enough” continue to shift across cohorts. (stage.mediaroom.com)