I’m in my mid-thirties, and if you had asked 18-year-old me what “wealth” would look like by now, I probably would have painted a picture of a mortgage on a nice flat, a high-paying 9-to-5 job, and a shiny car in the driveway.
Fast forward to today: I rent a cozy little place in London, work partly from coffee shops, and instead of a car I’ve got a second-hand bike and a well-worn passport. Over pints with friends, we often laugh at how none of us have those classic markers of success our parents had by our age.
Yet, strangely, we don’t feel “poor” at all. In fact, we feelwealthyin ways that are harder to quantify. There’s a quiet revolution underway, and we’re living it. We’re redefining what wealth means on our own terms, and it’s about so much more than money in the bank.
How did we get here, and why are so many of us — the millennial generation —measuring wealth in experiences, well-being, freedom, and purpose instead of just pounds and properties?Let me take you through what I’ve seen and lived, from both personal anecdotes and the cultural shifts backed by research, as we unpack this reimagining of wealth.
Freedom to Live on Our Own Terms
When I was a kid, I thought a “good life” meant working hard at one company until retirement and buying a home with a white picket fence (or the British equivalent, a semi-detached with a garden). That was the script our parents and grandparents often followed.
But for many of us millennials, that script feels either unattainable or undesirable — or both. The truth is, the old formula of success just doesn’t add up in today’s world. Wages haven’t kept up with soaring housing prices (home priceshave climbed hundreds of percent since our parents’ time). A house that cost our grandparents a few years’ salary might cost us a fewdecades’worth now. Secure lifelong jobs with pensions are rare unicorns.
With the cost of living outpacing incomes, chasing the traditional idea of wealth can feel like a rigged game we can’t win.
But here’s the twist: instead of giving up, many of us have decided to rewrite the definition of “wealth” altogether. For our generation, wealth isn’t just about possessions — it’s about having the freedom to live life on our own terms. That freedom might mean the ability to work remotely from a beach in Bali, or simply having control over our daily schedule.
A recentcommentarydescribed this shift well: younger generations are crafting success that is “personal, flexible, and purpose-driven,” prioritizing meaning over traditional material milestones. In other words, owning our time is as valuable as owning a house or a fancy car.
Take my friend Alex as an example. He left a high-paying corporate job (along with its 60-hour workweeks and stress-induced migraines) to freelance as a graphic designer. Now, he makes less money on paper, but he gets to choose his projects, work in his pajamas if he wants, and surf on Tuesday mornings. “I traded a chunk of my income for mytimeback, and I’ve never felt richer,” he told me recently.
His sentiment is echoed by many of our peers. We’ve watched our parents grind long hours; we’ve also watched some of them get laid off despite that loyalty. So we collectively started asking: What’s the point of a big salary if you have no life outside of work?
This generation’s answer has been a huge mindset shift. Many of us value flexibility over a fat paycheck. We seek jobs (or create our own jobs) that let us breathe. It’s evident in the rise of freelancing, remote work, and “digital nomad” lifestyles where a laptop and Wi-Fi can be your office. We’re not as afraid to jump between jobs or even careers if it means finding a better fit. In fact, a2024 global surveyfound that nearly all millennials (and Gen Zs) are willing to turn down work that doesn’t align with their values or that compromises their well-being.
Think about that — we’re not just working for a paycheck; we’re working for apurposeand a healthy life.
Financial freedom is part of this equation too. Rather than pinning all our hopes on a pension or climbing the corporate ladder, we look for creative ways to achieve financial independence on our own.
Side hustles are practically the norm in my friend circle — from Etsy shops to YouTube channels, we’re diversifying how we earn. Some have dived into the FIRE movement (Financial Independence, Retire Early), aiming to save aggressively in their 20s and 30s so they can “retire” or at least work less as soon as possible. It’s not that we’re lazy; it’s that free time is the ultimate luxury, and we’re willing to do what it takes to get it.
As one insightfulanalysisput it,traditional markers like homeownership and a gold watch at retirement are being replaced by alternative wealth-building strategies and a reclaiming of control over our finances. We’re learning investing through apps, swapping tips on budgeting and crypto on Reddit, and making money in ways our grandparents couldn’t have imagined. It’s all part of claiming a bit more control, a bit more freedom, in a world that often feels unstable.
Are we still concerned about money? Of course – we’re simply defining wealth as money plus freedom, rather than money alone. A bank balance is important, but thepurposeof that money is what matters. If £10,000 saved means I can take a few months off to travel or start a small business, thatfeelswealthier to me than £10,000 trapped in a house I can’t leave because I’m chained to a massive mortgage.
This isn’t just me ranting; it’s showing up in data too. In onesurvey, 65% of people (across generations) said wealth is about having the flexibility to enjoy life’s experiences, not just financial assets. Freedom has become a currency in its own right for millennials. We trade in the currency ofoptions,time, andchoices.
Mental Health Is the New Wealth
A few years ago, I found myself crying in the office loo on a random Thursday, overwhelmed by deadlines. That was a wake-up call. I realized no paycheck was worth sacrificing my mental health. And I’m not alone — as a generation, we’re collectively arriving at the conclusion that mental health and well-being are integral parts of wealth.
In simple terms, if you’ve got a six-figure salary but constant anxiety and burnout, are you truly “wealthy”?
Many of us would say no. We’d rather earn a bit less if it means we sleep well at night and feel good about ourselves.
This shift is visible in how millennials approach work and life. We talk openly about therapy, set boundaries for personal time, and push back against the old hustle-till-you-drop ethos. (Remember when “sleep when you’re dead” was a popular mantra? Yeah, no thanks — we’d like to sleepnow, please.)
In the workplace, younger employees are challenging the expectation of being available 24/7. The recent phenomenon of “quiet quitting” – doing your job but refusing to let it consume your entire life – struck a chord with many in my peer group.
It wasn’t about slacking off; it was about preserving sanity. Why kill ourselves with work when we’ve seen that life is fragile and health is invaluable? The pandemic only underscored that lesson, as we all got a stark reminder that health = wealth in the most literal sense.
Employers are (slowly) catching on. Companies have started offering mental health days, free counseling, or expanded PTO, partly because we demanded it. There’s data backing up why: a recent study found92% of workers(across age groups) say it’s important to them to work for an organization that values their emotional and psychological well-being. And millennials in particular voice this loudly. Many of us will flat-out quit if a job is damaging our mental health.
In fact, in that global survey I mentioned earlier, a lack of support for employee well-being or work-life balance is one of the top reasons millennials would reject a job offer. That’s a pretty bold stance compared to previous generations.
But it makes sense — we’ve had front-row seats to watch burnout take lives apart. We’re determined not to let “success” come at the cost of our sanity.
On a broader cultural level, millennials have been dubbed the “wellness generation.” We’re the generation that embraced yoga, green smoothies, and mindfulness apps en masse. Sure, some of it became a commercial fad, but behind it is a genuine prioritization of health. Our parents might have powered through exhaustion; we’re more likely to hit pause and say, “I need a break.” We don’t always succeed (anxiety and depression are still common battles), but the key is we’re talking about it and treating mental health as a foundation for a good life, not an afterthought. Wealth, to us, includes being rich in peace of mind.
Sometimes I like to remind myself of an old proverb: “You can’t pour from an empty cup.” To me, that means if I’m not mentally and physically well, I can’t enjoy any other success.
So in our modern take, a well-cared-for mind and body are part of the wealth portfolio. Money comes and goes, but things like resilience, joy, and balance — those stick with you and carry you through tough times. Isn’t a life filled with less stress and more contentment a wealthy life in its own way? We certainly think so.
Collecting Experiences, Not Things
If you open my closet, you won’t find a trove of expensive designer handbags or the latest gadgets. (Okay, you’ll find alotof books and maybe too many houseplants, but that’s beside the point.) Instead, my most prized “possessions” are my experiences: the six months I backpacked through Southeast Asia, the evenings spent jamming with friends in a garage band, the time I started a tiny community garden.
For many millennials, this is a defining trait — we treasure experiences over material things. In fact, one might say experiences have become our generation’s favorite currency.
There’s data to prove this isn’t just me being sentimental. A survey by Eventbrite found that over78% of millennialswould rather spend money on a desirable experience or event than on buying something. That’s an overwhelming majority of us saying concert tickets, travel, or simply a fun night out are more fulfilling investments than the latest product.
And guess what? Science agrees with us.Studieson happiness show people tend to feel happier after spending on experiences rather than on material goods. Think about it: the thrill of a new phone fades in months, but memories of a great trip or a big life event can give you joy for years. No wonder we’re pivoting our spending in that direction.
Our generation’s love affair with experiences also stems from a bit of disillusionment with materialism. We grew up in the 90s and early 2000s consumer boom, bombarded by advertisements and gadget launches. But many of us also saw the downsides: parents stressed by debt, cluttered homes, the realization that buying more stuff didn’t equal more happiness.
So we collectively started leaning the other way, towards minimalism and the so-called “experience economy.” Why accumulate things that just collect dust when we can collect moments and memories that shape us?
It doesn’t hurt that Instagram and TikTok are basically highlight reels of people doing cool stuff — travel, festivals, food adventures — which only reinforces the idea. Social media may have its faults, but it has made experiencesshareableand thus even more sought-after (after all, a sunset hike or a homemade artisan latte makes a better photo than a screenshot of your bank statement or a picture of your toaster). There’s even a bit of FOMO (fear of missing out) at play: seeing others live richly in experiences nudges us to prioritize our own adventures.
Wealth, in this experiential view, is about the stories we can tell. It’s about having a life that’s interesting, one where you’ve tasted, tried, and seen things beyond your immediate bubble. Whether it’s traveling, learning a new skill, or just spending quality time with loved ones, these are the things we’ll remember on our deathbeds, not the shoes we bought or the fancy electronics.
Personally, when I splurge now, it’s more likely on a weekend trip or a meetup with friends than on a luxury item. And I rarely regret money spent on making memories. As an old quote (often attributed to the writer Thoreau) goes,“Wealth is the ability to fully experience life.”That could be a millennial mantra.The quiet revolution here is that we’re redefining “rich” as rich in life, not stuff.
Interestingly, this experiential focus also ties in with a lighter footprint and a more sustainable lifestyle, which is another value of ours. Owning less stuff often means less waste and less consumerism. A lot of us are into the idea of minimalism — not as a trend where you count your socks, but as a practical choice to spend on what truly matters to us. When I buy lessthings, I can afford more experiences, and I’m not contributing as much to piles of fast-fashion landfill. It’s a win-win that makes me feel good in multiple ways. Which leads nicely into another aspect of our new wealth equation: a sense of purpose and care for the world around us.
Purpose and Planet Over Profits
One big thing that motivates millennials isliving our values. We want our day-to-day life and work to mean something beyond just earning a paycheque. A lot of us are asking deeper questions:What impact does my work have? Am I contributing to something good?
This is why you’ll find many of my peers choosing careers in nonprofits, education, or tech startups aimed at solving social issues, even if those jobs don’t make anyone millionaires. Even in conventional jobs, we look for companies thatstand for something. We’re more likely to work for, say, a B-Corp that measures social impact or an eco-friendly brand, than for a faceless corporation with a dubious reputation. And if we do end up in the latter, it might just be for a while to pay off loans, but not a place we’ll stick around.
Purpose-driven workisn’t just a buzzword; it’s a priority. In fact, nearly all millennials want work that aligns with their values, and they aren’t afraid to reject employers that don’t fit the bill. That means if a company has a negative environmental impact or lacks support for mental health, many of us will say, “No thanks, I’ll find something else,” even in a tough job market. It’s a bold stance, but it’s becoming more common.
Beyond the workplace, we carry these values into our lifestyle choices. Sustainable living is a huge part of how many millennials define a “rich” life. It might seem counterintuitive — caring about the planet doesn’t immediately put money in your pocket — but it enriches life in a more holistic sense. We’re the generation that grew up with Al Gore documentaries and climate change headlines; we know that a livable future is not guaranteed. So being environmentally conscious feelsessential.
Many of us favor experiences and products that are sustainable: we’ll choose a train over a flight if we can, buy second-hand clothes, support local farmers, or ditch cars for bikes and public transit. We’re not perfect, but there’s an effort to align our spending with our values, not just our convenience.
I, for one, started composting and reducing single-use plastics not just because it’s trendy, but because it gives me a sense of contributing to something beyond myself. It’s the same reason I volunteer on weekends with a tree-planting group. Those Saturday mornings don’t increase my net worth, but they add to what I’d call my“purpose account”– that internal meter that gauges if I’m living true to my principles.
In our new definition of wealth, having a purpose and positive impact is a form of richness. Knowing that my actions, however small, help my community or the planet makes my life feel more valuable. It’s like we’ve expanded the balance sheet of wealth to include social and environmental capital alongside financial capital.
To be clear, it’s not that millennials are saints or always hyper-focused on altruism. It’s more that we don’t see wealth in a vacuum. True prosperity, in our eyes, is tied to the well-being of those around us and the world we live in. A rising tide lifts all boats, as the saying goes. So, a life spent chasing money while ignoring one’s impact feels empty.
Contrast that with a life where you earn enoughanddo good — that’s the dream scenario for many of us. Even if we haven’t achieved it yet, that ideal shapes our choices. We measure “richness” not just by what we have, but by what we give and what we stand for.
It’s worth noting too that financial literacy plays a role in living our values. Many of us realized that to live life on our terms (whether that means having freedom or making a difference), we need to get smart about money.
Schools didn’t teach us much about personal finance — a lot of us learned the hard way or taught ourselves in our twenties. Now I see a real hunger among millennials to educate ourselves about budgeting, investing, and saving, not for the sake of greed but for security and empowerment. According to one UK report, about82% of young peoplesaid they’d like to learn more about managing their money better. We want to break the cycle of paycheck-to-paycheck and debt that many of us started in.
Why? So that money becomes a tool to support our ideal life (one with freedom, experiences, and purpose), rather than a shackle that limits it. In a sense, understanding money is a revolutionary act for us — it allows us to use it wisely to craft the life we value, instead of blindly chasing it or avoiding it.
All these pieces – freedom, mental health, experiences, purpose, financial savvy, sustainability – intertwine in our generation’s quiet revolution.We’re renegotiating what it means to be “wealthy” every day by the choices we make. It might not make headlines in the way tech billionaires do, but it’s a widespread cultural shift that’s changing how wealth is perceived and pursued.
Before I go
Writing this, I’m struck by how personal andpowerfulthis quiet revolution is. It’s not loud or flashy. You won’t see a single leader or manifesto behind it. Instead, it’s in millions of individual decisions: the Millennial couple who downsized to a tiny home so they could afford to travel more; the office worker who left a prestigious firm to join a startup with a mission she believes in; the new parents deciding one of them will work part-time so their family can actually spend time together.
We, the millennials, didn’t all consciously band together and decide to redefine wealth — it happened organically, forged by economic realities and a bit of idealism. We realized that if the old signs of wealth were out of reach or not fulfilling, why not create new ones? Why not value whatactuallymakes life rich?
In doing so, we’ve found empowerment. We’ve learned that a fat paycheck isn’t the only way to prosperity, and that prosperity means more when it’s shared and savored. We’ve learned thatwealth is a multifaceted state: part financial stability, yes, but also part freedom, part happiness, part purpose, and part legacy.
So, the next time someone asks me if I feel “wealthy” because I don’t have a mortgage or a big salary, I’ll smile. I might not have the traditional trappings of wealth, but I have a life filled with what matters to me —freedom, well-being, experiences, and purpose. In my book, and increasingly in our generation’s book, that counts as true wealth. And if that’s aquiet revolution, it’s certainly a profound one, happening right in the midst of our everyday lives.
After all, what is wealth if not the ability to live a life that genuinely feels worth living?
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