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Sarah Stier/Getty Images They associate wealth with success and happiness, compared to boomers' view of it as independence. Millennials are also most likely to say the pandemic altered how they plan to use their wealth. Wealth no longer means what it used to for high-net-worth millennials. The pandemic has caused the wealthy to alter their lifestyles and reassess their priorities, changing how they perceive wealth in the process, a new report by Boston Private found. The report, titled the Why of Wealth, surveyed high net-worth individuals with at least $1 millio...

SOPA Images/Getty Images Americans have saved $1.6 trillion since the pandemic started, per the Commerce Department. That's roughly half of overall global savings during the pandemic, and the same as South Korea's GDP. It's also greater than the output gap, or economic hole created by Covid-19, signaling a coming economic boom. Americans are ready for a shopping spree. Coronavirus lockdowns and two stimulus packages left American consumers sitting on approximately $1.6 trillion of pent-up spending, according to Commerce Dept. figures released on Friday. As the pa...

AFP Contributor/Getty Images Services in health care and education have increased in price by over 100% in the past 20 years, per an AEI chart. Meanwhile, consumer goods like new cars, clothing, and TVs have become way more affordable. The split between the two mirrors the rise in discreet wealth, in which immaterial means have become status symbols. Showing off wealth is no longer the way to signify having wealth. Flashing a Louis Vuitton handbag or a multimillion-dollar Bugatti have long been standard status symbols for the elite, but the ultrawealthy have incr...

More millennials became homeowners in 2020 than any other generation. At the same time, more millennials now believe they'll never own a home.

How could the conventional wisdom be so wrong? The paper is centered on the idea that money doesn't always equal fulfillment. Instead, it looks at "total life satisfaction from material consumption," Stanford University professor and one of the paper's authors, John Shoven, told Geoff Colvin of Fortune. Shoven explained to Colvin that enjoying savings in the future might not be as satisfying as expected because people are impatient and may not be healthy come retirement time — they might not even be alive. The college-educated can delay retirement savings The authors constructed a life-cyc...