00:00Personally, being wealthy means having enough to pay for my essentials while also maintaining
00:10a good work-life balance. So freedom to travel, freedom to work when I want to work, I think
00:16freedom essentially is what wealth means to me. A lot of people see wealth as more than
00:22just having a kitchen island, having a cleaner, having a gym membership, although those things
00:27still exist, those material markers still exist. People are looking at things like being
00:31able to travel, being able to go on lots of holidays, being able to have time with the
00:35family, that work-life balance, that well-being element of wealth. And all my guests kind
00:41of alluded to that, that having time for themselves and not burning out and not being focused
00:47on hustle culture was a major indicator that someone was truly wealthy.
00:54So obviously you've picked up on hustle culture there, which I feel like is definitely a signifier
00:59of the recent digital age and social media and stuff like that. So in the age of social
01:04media, do you think that this kind of wealth has been distorted?
01:08We see a lot of displays of wealth on social media. Almost about half of Gen Z consider
01:13wealth in a non-material way. And they're talking about wealth, they're considering
01:18things like work-life balance, they're considering things like early retirement. And as much
01:24as social media can be problematic, and it can be helpful but also problematic in some
01:30ways, the younger generation are actually defining wealth on their terms. So that was
01:35really refreshing to read.
01:37In their research, HSBC UK found that younger age groups up to 35 years old are more likely
01:42than older generations to define wealth through a more well-being-focused lens. Still, the
01:47report went on to find that Brits find gym memberships and hobbies are essential, with
01:5232% of people perceiving streaming services as an everyday necessity.
Comments