America has millions of millionaires who don’t feel rich — the big problem with financial anxiety (and how to solve it quickly)

In other words, despite having more confidence and clarity about their financial future and retirement needs than the general public, most in this cohort still didn’t feel like they could afford to live lavishly.

If that’s true, it’s possible they are suffering from financial anxiety.

Here’s a look at the big problem with financial anxiety and how you can solve it, even before you enter the seven-figure club.

Financial anxiety is a national epidemic

A confluence of factors, including geopolitical tensions, stubbornly high inflation, and an unpredictable labor market, has left nearly all Americans feeling at least a little financially anxious.

At the start of 2026, more than 8 in 10 adults reported feeling some financial stress, and 77% said they had experienced a financial setback in 2025, according to a survey by the National Endowment for Financial Education (2).

To be fair, having more money in the bank can reduce some of this stress. But it can’t fully eliminate it.

That’s because millionaires face the same uncertainty about the future as the rest of us. The value of $1 million today is less than it was 30 years ago, and there’s no way to predict how much it will be worth 30 years ahead.

That makes retirement, tax and financial planning difficult, and it could be the key reason why many millionaires suffer some level of financial stress despite being ahead of many of their peers.

Simply put, uncertainty is an invisible tax on the wealthy. Fortunately, many rich Americans have found a potential solution: hiring a financial advisor.

The real gap isn’t money — it’s planning

Here’s where the data gets interesting. Nearly half of millionaires (49%) say their financial planning needs improvement, according to the Northwestern Mutual report (1).

That’s a striking admission from people who’ve clearly done a lot right to accumulate significant wealth.

“$1 million is a lot of money, but the data makes one thing crystal clear: money alone doesn't create confidence — financial advice and financial plans do,” said John Roberts, chief field officer at Northwestern Mutual.

“Instead of feeling rich, it’s important for everyone — no matter their income — to feel secure in their financial futures,” he added.

That being said, it’s not easy to find a good advisor for the mass affluent individual

For those in the high-six or low-seven figures, generic financial advice probably isn’t a good fit, but neither is working with an investment bank or private equity fund.

If you’re part of this wealthy-but-not-ultrawealthy club, you could consider working with the tax experts and professional advisors at Range, which offers white-glove financial services to high-income households.