STEVE INSKEEP, HOST:
Americans are feeling a little better about their financial situation than they did a few months ago. That's according to the latest consumer confidence index from the Conference Board, which is a think tank. Americans are still bothered by inflation and high interest rates, and that is adding to a common feeling. Even millionaires do not feel rich. I mean, if you're struggling, you're struggling, and a lot of people are in this country. But a survey from financial planner Northwestern Mutual says that only one-third of American millionaires say they consider themselves wealthy.
A MARTÍNEZ, HOST:
So why would someone with more wealth than more than 90% of Americans still feel financially insecure? We asked Kevin Mahoney. He's a certified financial planner who specializes in millennials.
KEVIN MAHONEY: It's very rare in this country for people of just about any level of wealth to view themselves as rich or wealthy.
INSKEEP: Mahoney says well-off people lose some perspective by living in a country with so many other wealthy people.
MAHONEY: You can always find someone who either has more money than you or looks like they have more money than you.
INSKEEP: And if you don't find somebody who seems richer, social media will find them for you.
MAHONEY: You can see the trips people take. You can see their homes or their cars, but you don't see their savings rate. You don't see how much they have in their retirement account.
MARTÍNEZ: Mahoney says the economic uncertainty in recent years can make anyone worry that they don't have enough money, even millionaires.
INSKEEP: And if it's any solace to millionaires and non-millionaires alike, Mahoney says he's seen some encouraging data for the people he advises.
MAHONEY: Millennials as a group are not very far behind, and in some cases actually doing better than previous generations were at the same age.
INSKEEP: Both for home ownership levels and overall finances. Those are the stats anyway, although that is definitely not how many people feel.
MARTÍNEZ: So, whether you're confident or anxious about your own finances, Mahoney offers this advice - don't dwell on your past financial decisions. Instead, focus on what you have right now and what you can do with that money to improve your life in the future.
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