Gen Z Puts Highest Estimates on Financial Success, Wealth

By Bob Cronin,  Newser Staff
Posted Nov 23, 2024 3:00 PM CST
Survey: Younger Americans Set Higher Goals for Wealth
Stock photo   (Getty/Robert Daly)

Americans overall say they would—or already do—think of themselves as "financially successful" if they're making about $270,000 a year, a new survey shows. In terms of net worth, about $5.4 million would do, Empower found. But in meeting at those figures, the generations were far apart in their estimates: Gen Z's targets are much higher than those of baby boomers. Despite that, the younger group is more confident of achieving those goals, Axios reports, than other groups, with 71% of Gen Z respondents predicting they'll get there. Here's the breakdown of average answers by generation, per CNBC.

Annual salary:

  • Gen Z (ages 18 to 27): $587,797
  • Gen X (ages 44 to 59): $212,321
  • Millennials (ages 28 to 43): $180,865
  • Baby boomers (ages 60 to 78): $99,874

Net worth:
  • Gen Z: $9.5 million
  • Millennials: $5.6 million
  • Gen X: $5.3 million
  • Baby boomers: $1 million

Most respondents said their generation will have a tougher time achieving financial success than others, Empower found. Millennials led on that belief, at 69%, while boomers trailed at 49%. Census data suggests reaching even the overall average salary of $270,000 is a stretch: the median US household income is $80,610. Still, younger people, especially, are confident, said Rebecca Rickert of Empower. "Americans believe success is about self-determination not a pre-determination—which is quite powerful," she told Axios. (More wealth stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X