Opinion – society’s perception of wealth is shifting

Health is wealth

Maintaining a balanced mental and physical wellbeing has never been as valued as it is today, particularly amongst ultra-health-conscious Gen Z.

Given most of us have sedentary office jobs, staying fit will require some sort of gym membership, most of which have gone up in price. Most people are opting for outdoor exercise – long walks, hikes, and cycling – to eliminate extra monthly costs.

Still, young people have never felt more pressured to have the physique of influencers they see online. We often forget that personal trainers, gym memberships, and classes are often sponsored gifts or heavily discounted, which can cosplay as financial wealth online, but is really just abundance.

the fitness girlies do not talk about how EXPENSIVE it is to eat several meals a day for those gains. like eating 6 meals a day + protein powder + a gym membership is cute in theory but in this economy???? idk man

— Dulsè (@JadeDaGem) September 27, 2022

Physical health also requires regular access to nutritious meals, which are three times more expensive than processed foods in the UK and twice as expensive in the US. For many, having a meal that helps, not hurts their health is no longer a matter of willpower, it’s a financial decision. As many as 1 in 8 households are skipping meals altogether to cope with the cost-of-living.

Getting timely help with health problems is also a massive privilege. In the US, seeing a doctor requires having robust health insurance and, often, the ability to take time off work to attend appointments.

The same goes for regular dental visits, something virtually impossible to accomplish in the UK due to long waiting times, unless you can afford to go the private route.

Therapy is not cheap. I spend around $800-$1000/month from my sessions. So telling people to just “go to therapy” is not as easy as it sounds most of the time.

— ☁︎ (@_ugco) March 7, 2021

Accessing decent mental health resources presents another obstacle. Therapists cost upwards of £80 per session, making talking to professionals about personal concerns out of the question. Free mental health services are available in the UK, but regularly come with long waiting times.

In this way, being in good overall health today is a privilege for people in the vast majority of the world. I’m not saying this is right. I’m merely pointing out the irony of being told the ‘world is the best it’s ever been’ while maintaining personal wellbeing is still so difficult for many.

These days, good health truly is wealth.

No, they’re the kind of thing middle-class people do to feel rich.
If you think poor people can afford these containers, that have always been expensive, and have surged in prices since organization became a fad led by youtubers and influencers, you don’t understand what poor is. https://t.co/YW5D5bCxbQ

— rt pinned 🙂 (@cyberch8se) August 22, 2024

Acquiring material assets

It’s hard to even talk about the debate around homeownership without feeling like I’m reiterating tons of material I’ve read on our own website or countless others in recent times, but here we go.

While homeownership has always been considered a major milestone achievement, it has never felt so out of reach for those willing to engage in all the right steps to get there.

Today, even considering buying a home is an indicator of some form of wealth, especially if no major sacrifices have been made along the way. While some young people are living with their parents later into their 20s in order save up, others are being gifted early inheritance to pay for their deposits.

The vast majority are stuck in overpriced shared houses well into their 30s, asking themselves how others are managing to secure mortgage deals already. It’s clear that was once considered a normal progression into adult life is now considered to be an anomaly.

Many Gen Z and Millennials who feel they won’t be able to afford to buy their own homes will be forced to redefine what success and wealth looks like to them in the future.

Annual income needed to buy a home: $107,000
Avg. American income: $67,000

Wtf. pic.twitter.com/kEnYgwvsmK

— Ndamukong Suh (@NdamukongSuh) November 17, 2022

Cultural and social wealth

Finally, there’s a lot to be said about how much young people are beginning to value cultural and social wealth.

In a time when amassing assets and savings has never been more difficult, we’re turning to our community for support.

There’s been tons of talk recently about reviving ‘third places’ and their importance for the social development of young people. We’re realising that we need free spaces to connect and interact with others in order to survive a world that seems fixed against us.

Rather than portraying a fake life on social media – albeit, a large portion of people still do – more and more young people report a desire to build a community offline. It makes sense that book clubs, running clubs, and even supper clubs are back on the rise.

This, in itself, is the silver lining. While disparity has never been so severe – and indeed serious change is needed – young people are at least looking for ways to get through it.

More than ever, that involves redefining traditional concepts of what it means to be ‘wealthy’.