Being a millionaire today doesn’t have the same cachet it used to.
Ameriprise Financial reported Wednesday that only 13% of Americans in a new survey who had $1 million or more in investable assets considered themselves wealthy.
This is not simply poor-mouthing.
“Building wealth is often a complex journey,” Marcy Keckler, vice president of financial advice strategy at Ameriprise, said in a statement. “The reality is even people who have accumulated seven figures juggle many financial goals, wants and needs.”
Keckler said investors, including those with substantial assets, needed to plan carefully to reach the financial milestones they set out for themselves.
(Related: 10 Ways to Appear Wealthy)
Fifth-three percent of the investors surveyed said they had a specific target amount or a rough idea of how much they needed to save and invest, while 43% had a detailed plan. Only 4% of respondents said they did not have any type of financial plan.
The findings were part of the Ameriprise Modern Money study, which explored how investors navigate their financial lives, and how they perceive money.
Artemis Strategy Group conducted an online poll in December among 3,008 U.S. millennials, Gen Xers and baby boomers with at least $100,000 in investable assets, some 700 of whom were millionaires.
Generational Similarities and Differences
Keckler noted that successful savers and investors among survey respondents may be more alike than different in managing their finances — “contrary to popular belief.”