Do you think you’re wealthy? Do you have a mansion? A billion dollars? A big family?
Do these things really make a person wealthy?
Well, I’m not sure. I think wealth could be defined 100 different ways if you were to ask 100 different people. That is why I set out on a mission to understand what wealth means to my generation, Gen Z.
What research tells us about wealth
First, I did some research on what wealth really is, including review of a general basis for teenage wealth perceptions from Junior Achievement and an actual statistical study on effectiveness of financial literacy on wealth from ScienceDirect. Although definitions of wealth vary by source, it is generally described as the abundance of valuable financial assets or physical possessions that can be converted into currency — including houses, cars, cash and investments. This makes it easy to simply associate wealth with having lots of money, but there is more to it than meets the eye.
One’s definition of wealth isn’t just affected by financial factors but also by social and cultural factors, both contributing to how individuals, specifically teens, perceive wealth. For example, teenagers raised in financially stable households often have a clearer idea of what “wealth” is, likely associating it with investments and security. However, for those who grow up in lower-income households in communities that are impoverished, wealth to them may be more immediate things such as the ability to provide for their families or have stable income. Research from The British Journal of Social Psychology on social class and socioeconomic status suggests that people’s perception of wealth is heavily influenced by the material conditions they grow up in, as well as by their sense of social rank and identity. Ultimately, a person’s understanding of wealth reflects not only their financial situation but also the social environment and life experiences that shape how they see economic success.
My own definition of wealth — and how it was formed
Courtesy of Braeland Moten
Braeland Moten
During my research and writing, I was also forced to stop and reflect on my own view of wealth. I am lucky enough to have grown up in a financially stable household, and as a result I have been provided with excellent education and resources. I am also surrounded by many friends who are not large or impulsive spenders, which has led me to be generally smart with my own monetary decisions.
The moment that really changed my perspective on wealth is when my parents first brought my twin sister and me to our family’s financial advisor. I was around 10 years old. While I obviously didn’t have anything to contribute to the conversation at the table, I was able to listen to my parents discuss savings and investment plans for the family. That experience changed the way I understood wealth. Instead of seeing money as something that simply came and went through a paycheck, I began to understand it as something that had to be planned for, protected and grown over time.
Watching my parents think strategically about our family’s financial future showed me that wealth is not just about having money in the moment but about making choices that create stability for the future.
All of this has led me to my own view on wealth. I see it as a stabilizing factor — both socially and financially — being able to comfortably pay bills, spend money on things you enjoy, invest in your future and most importantly spend time with those you love. Growing up in a financially stable household showed me wealth is most valuable when it creates peace and stability, not material excess. That is why I now see wealth less as a number and more as a foundation for a stable and fulfilling life.
A survey of my peers
To get an idea of what my peers thought about wealth, I collected information from a voluntary survey of students at my high school — specifically, 21 students in my 11th grade American Literature class. Students were asked to give their definition of wealth in one sentence, express what they think makes somebody wealthy and identify one thing they would own to be considered wealthy — including a few background questions. One of those questions was: “If you could own just ONE thing to be considered wealthy, what would it be?”
[Related: I lived in a coat closet to stay in college]
Not surprisingly, how you ask the question can get a different response. On the question of owning just one thing, the responses were mainly material. 15 out of 21 responses included monetary items — most commonly cash, a large stock portfolio or a mansion — with a few responses expressing wealth as a nice family, love and happiness. However, what was more intriguing was each respondent’s definition of wealth itself.
In response to the question “In one sentence, how would you define wealth?” only 7 of 21 respondents specifically defined wealth in terms of money or assets. The rest described it as financial security, strong relationships, happiness and time. From my survey, the pattern suggests that while teenagers often associate wealth with visible possessions, many also understand it more broadly as stability and security.
The importance of financial literacy education
One of the most important factors in shaping that understanding is financial literacy education. According to the National Association of State Boards of Education, 41 states now require some form of financial literacy course for high school graduation. While it isn’t all 50 states, it is an important step toward ensuring all students have a foundation for understanding wealth.
I was motivated to write and learn more about wealth, specifically wealth from different perspectives, while taking a personal finance class at my high school. We covered many topics from budgeting to investing. My teacher was incredible and went beyond the curriculum to give personal advice on building wealth, as well as his experiences as a business owner and how he goes about his finances. When I first had the idea to start this project, I took it to my teacher to get his opinion on it, and he encouraged me to pursue it, letting me know he would support me if I needed any help. Through those conversations and lessons in class, I was able to take many ideas to write about and research from him, including topics on racial wealth inequality, general economic challenges in African American communities and, most importantly, what wealth really means to each person.
[Related: Youth financial education (literally) pays off]
As we have discussed, teens think about wealth in different ways. Family, friends, education and cultural background all play a key role in how a teen defines wealth. Everyone will view the topic differently, and that’s OK. Ultimately, we must all understand that wealth is more than just money. These many factors will affect how teens approach saving, spending and investing in their adult lives. Schools, educators and policymakers must come together to ensure that young people have access to education on the full range of financial topics, so that teenagers have the knowledge to understand and build wealth — whatever that may mean to them.
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Braeland Moten is a senior at Eden Prairie Senior High School in Eden Prairie, Minnesota. He is the founder of The Wealth Equity Project, a youth-led initiative focused on addressing racial wealth disparities and economic challenges in African American communities by conducting research and developing educational resources to help teens and young adults gain the knowledge and tools to build wealth.
