More than half of millennials anticipate achieving affluence in their lifetimes, far surpassing the optimism of younger generations.
Generational Wealth Confidence
Survey data reveals that 54% of millennials, born between 1981 and 1996, feel confident about becoming wealthy. This figure dwarfs the 16% of Gen Z individuals, born from 1997 to 2012, who share similar expectations.
Older generations show even less optimism. Only 6% of the Silent Generation (1928-1945) believe they will reach wealth, compared to 11% of Baby Boomers (1946-1964) and 15% of Gen X (1965-1980).
These findings come from Charles Schwab’s ‘Money Mindset’ survey, which polled 1,000 individuals on their saving and investing habits.
Investors Far More Optimistic Than Savers
Investors demonstrate significantly higher confidence in building wealth. Some 57% of those who invest believe they are on track to become affluent, four times the 13% of savers who feel the same.
The gap persists for basic financial security, with 70% of investors expecting comfort versus 29% of savers.
Despite these trends, the UK remains a nation of savers. Just one in three people currently directs spare cash into investments.
Why Many Stick to Savings
Savers cite several barriers: insufficient funds, fears of stock market losses, and the need for quick access during emergencies.
While investing carries risks and potential losses, it outperforms cash savings over time due to compounding returns.
For instance, a £1,000 lump sum placed in a cash ISA in 1999 grew to £2,079 by September 2025, per AJ Bell calculations. The same amount in an average global fund reached £5,158, and in a North America fund, it expanded to £6,285.
Millennials Lead in Hope and Action
Millennials exhibit strong optimism, with 60% actively investing and 54% confident in wealth accumulation.
However, nearly three-quarters across all ages doubt they will achieve affluence. Perceptions of wealth vary, from £200,000 annual income to over £2 million in assets.
Economic Pressures Weigh Heavy
Inflation and rising living costs concern 64% of respondents, deterring investment amid limited spare cash.
More than half of households have cut back on savings or investments, tapped emergency funds, or stopped saving entirely due to higher everyday expenses. Fewer than three in ten report no changes.
Richard Flynn, managing director at Charles Schwab, states: ‘Investing, even in small amounts, can be a powerful tool for building long-term financial security. The cost-of-living crisis is making it harder than ever for Britons to save and invest for their futures, and it’s clear that many are losing confidence in their ability to build wealth. These are quite alarming findings, as a significant number of people in the UK are not only struggling to invest, but many are also doubting whether they will achieve financial comfort and wealth in their lifetimes.’
