This is Money Podcast
How much do you need to earn to feel rich?
Feb 28, 2025
The discussion highlights the surprising feelings of six-figure earners who don’t feel wealthy. A poll reveals most believe you need at least £150,000 to feel rich. The conversation shifts to Generation X's struggles with pension savings and the impact of rising living costs. Experts weigh in on the need for financial literacy and proactive planning for retirement. They also touch on energy bills and the potential pitfalls of regulatory changes in investment that could affect investor trust.
47:50
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Quick takeaways
- Despite earning a six-figure salary, many individuals feel financially insecure due to living costs and societal benchmarks for wealth.
- Generation X faces significant challenges in retirement savings, with a low percentage on track to meet their financial goals amidst changing pension landscapes.
Deep dives
Perception of Wealth at £100,000 Salary
Earning £100,000 a year places individuals in the top 4% of UK wage earners, yet many do not perceive themselves as wealthy. The conversation reveals a significant discrepancy between earnings and the traditional definition of wealth, which often includes assets such as property and investments. Psychological factors play a role, as individuals often compare their financial status to others, leading to a diminished sense of personal wealth. For instance, a survey indicated that 73% of respondents believe that one must earn at least £150,000 to be considered wealthy, showcasing differing benchmarks of financial success.
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