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The Key Takeaways
- According to a new survey, Americans believe they must earn at least $270,000 per year in order to achieve financial success.
- Gen Z was the youngest group surveyed. They believed that to achieve success, people had to earn more than $500,000 or have a net worth of over $9,000,000, which is by far the highest amount for any other generation.
- Over one third (35%) of respondents say that the economy can be a hindrance to success.
To different people, financial success can mean different things. Most Americans, though, would measure it by a high dollar amount.
A recent study by Empower Retirement Record-keeper found that financial success is achieved with an annual average salary of around $270,000, or a total net worth exceeding $5.3 million. This is a lot more than the median real income for the United States, which will be around $80,000 by 2023.
Given how ambitious some of these goals are, it may not be surprising that many don't think of themselves as successful: Only 37% of people said they think they're financially successful right now.
The economy, income instability and lack of clear financial goals are all blamed by more than a third of those surveyed (35%) for the inability to achieve financial success.
How different generations define financial success
Among survey respondents, however, what matters most to them is not just how you feel about your money but also the quality of life you enjoy.
Nearly 60% said their definition of success was being able spend money they like on experiences and things that they enjoy. 27% defined financial success as having wealth.
In addition, the survey found that younger generations believed they required more money to be successful financially.
Gen Z is the youngest group surveyed by Empower. They believed that to achieve success, people should earn more than $550,000 a year or have an net worth greater than $9,000,000 (the highest amount of any generation). According to older Boomers, they need to have an annual income of approximately $100,000 or a net wealth greater than $1 million in order to be considered financially successful.
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