Is being wealthy in life directly correlated to the amount of money you earn? Well, according to research by HSBC UK, half of people surveyed across the UK believe that having investments is actually a key measure of wealth.
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00:00Personally, being wealthy means having enough to pay for my essentials while also maintaining
00:10a good work-life balance. So freedom to travel, freedom to work when I want to work, I think
00:16freedom essentially is what wealth means to me. A lot of people see wealth as more than
00:22just having a kitchen island, having a cleaner, having a gym membership, although those things
00:27still exist, those material markers still exist. People are looking at things like being
00:31able to travel, being able to go on lots of holidays, being able to have time with the
00:35family, that work-life balance, that well-being element of wealth. And all my guests kind
00:41of alluded to that, that having time for themselves and not burning out and not being focused
00:47on hustle culture was a major indicator that someone was truly wealthy.
00:54So obviously you've picked up on hustle culture there, which I feel like is definitely a signifier
00:59of the recent digital age and social media and stuff like that. So in the age of social
01:04media, do you think that this kind of wealth has been distorted?
01:08We see a lot of displays of wealth on social media. Almost about half of Gen Z consider
01:13wealth in a non-material way. And they're talking about wealth, they're considering
01:18things like work-life balance, they're considering things like early retirement. And as much
01:24as social media can be problematic, and it can be helpful but also problematic in some
01:30ways, the younger generation are actually defining wealth on their terms. So that was
01:35really refreshing to read.
01:37In their research, HSBC UK found that younger age groups up to 35 years old are more likely
01:42than older generations to define wealth through a more well-being-focused lens. Still, the
01:47report went on to find that Brits find gym memberships and hobbies are essential, with
01:5232% of people perceiving streaming services as an everyday necessity.