People have different ways of gauging financial success, which are mainly affected by how each individual meets their personal, social and family needs. According to a 2024 survey by Empower, Americans need about $270,000 to feel financially successful, but this amount changes by generation. Baby boomers are generally satisfied with around $100,000, Generation X wants for about $212,000, Millennials beleive they need roughly $181,000. Meanwhile Generation Z, the youngest and most confident group feels they nee $588,000 to consider themselves successful and they genuinely beleive they can reach the goal , even though it seems ambitious considering it is too high.
The survey shows that different generations see success in different ways, depending on the age group. As the older generation focuses more on stability, security and comfortable retirement. While the younger generation tend to focus more on their lifestyle and activities, owning a home, and personal freedom, these connect to what they perceive as success.
Research suggests that these ideas were influenced by upbringing, or how they grew up and their life experiences. Therefore. The differences will help us focus on what we need rather than comparing ourselves to others. A realistic goal, together with planning and saving, promotes confidence and peace of mind, no matter the generation.
© 2025 Mariah. All text in this article is original content (OC) written by the author.
Reference: Empower. (2024, September 13-14). Secret to Success: Insights into Americans’ definitions of financial success [Online survey of U.S. adults]. Empower. https://www.empower.com/the-currency/money/secret-success-research