Generations differ on what being ‘financially successful’ means, survey

A new study by Empower reveals that 52% of Americans believe earning over $270,000 annually and having an overall net worth of $5.3 million defines financial success, but views differ significantly across generations.

Key findings
Gen Z has the highest expectations, aiming for nearly $600,000 a year, compared to $200,000 for Millennials and $212,321 for Gen X. Boomers are content with just under $100,000 annually.

Despite lofty goals, 71% of Gen Z respondents feel confident they’ll achieve financial success.

Empower’s 2023 survey also found higher earners feel they need even more income to achieve happiness.

Despite feeling far from their goals, most people, except boomers, are optimistic about achieving financial success, citing hard work as the key factor.