A recent online survey found that younger generations are more optimistic than older generations about becoming wealthy in the future.  Fully 69 percent of Gen Zers and 54 percent of millennials who don’t consider themselves wealthy now said that they think that they will be wealthy someday, a survey by Lending Tree revealed, as opposed to 41 percent overall. The survey, conducted by Question Pro in early September was taken by 2,000 U.S. consumers ages 18 to 77.

Lending Tree noted that Gen Zers and millennials have more time to accumulate wealth than older generations, but it also reported that some of the respondents have different notions about "wealthy" means.

Fifty-six percent of the respondents said that “wealthy” is about living comfortably without worrying about finances, while 45 percent said that it means feeling financially secure, and and 38 percent said it meant living debt-free. 

“Being financially independent, in that one doesn’t have to work to live a comfortable life, is a reasonable definition of being wealthy,” said LendingTree senior industry analyst Ken Tumin.

Thirty-one percent of the respondents said that wealth means a net worth of at least $1 million, and 22 percent said that it means a six-figure salary. But that marker is no longer a marker of success and achievement to those who have attained it; a large majority (84 percent) of six-figure earners said that being wealthy is earning at least $250,000.

“Wealth is relative,” said Tumin. “Instead of being concerned about wealth, people should focus on life goals, such as financial independence.”

While only 20 percent of Americans consider themselves wealthy, the more money someone makes, the more likely he or she is to consider himself or herself wealthy. Of those who make $100,000 or more a year, 43 percent believe they’re wealthy. Only 12 percent of those who make less than $35,000 or between $35,000 and $49,999 think so.

The survey found that 76 percent of those who believe that they will be wealthy someday believe that their mindset will make it happen. Of the 51 percent of all Americans who believed that they are in a better financial position than their parents were at their age, Gen Xers were least likely to think so (43 percent), followed by millennials (52 percent), baby boomers (54 percent) and Gen Zers (57 percent).

In addition, 45 percent of the respondents said that real estate is the best wealth-building strategy, followed by the stock market (32 percent), gold (25 percent), savings bonds (21 percent), cash (21 percent) and tax-advantaged retirement accounts (16 percent).

“One part of the basic wealth-building strategy is long-term, regular investing in a broad-market, low-cost stock market mutual fund or ETF,” said Tumin. “Many Americans don’t understand this, don’t trust it or don’t take the time and patience to execute it.”