Pretty much all of us want to be successful, but when we get down to brass tacks – salaries and net worth, that is – what does success really look like? A new survey reveals what dollar amounts mean “success” to Americans, broken down by generation.
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Overall, the average salary Americans considered successful was $270,000 per year, based on the Empower survey of 2,203 Americans age 18 and older by Morning Consult this September. Respondents also said that a $5.3 million net worth signaled success.
Here’s how things look when broken down by generation:
SALARY SUCCESS
Gen Z: $587,797
Millennials: $180,865
Gen X: $212,321
Boomers: $99,874
NET WORTH SUCCESS
Gen Z: $5.4 million
Millennials: $9.5 million
Gen X: $5.6 million
Boomers: $1 million
Most of these numbers are considerably higher than the average wages and net worth in the U.S. According to the Social Security Administration, average annual wages were a little over $66,621 last year and data published by the Federal Reserve Bank last October indicated that the average net worth in the country was a bit higher than $1 million.
“Seems high, right? That’s because affluent households drive the average up,” said an analysis from NerdWallet. “Looking at the median, or the midpoint value, is a more accurate representation of the everyday person. The overall median net worth of U.S. households is $192,700. That might help you breathe a little easier.”
With that context, it seems like financial “success” as defined by the survey participants is out of reach for everyday Americans. Nearly half (47%) of the Empower survey participants said they feel like they will never achieve the level of success they’re seeking and 50% said they are or expect to be better off financially than their parents. Only 37% considered themselves financially successful, with more men than women (42% compared to 33%) who considered themselves successful.
For most people, financial success is found in tangible wins: being able to pay bills on time (63%), owning a home (52%), affording experiences like travel and entertainment (47%). For 40%, it’s about retiring at a goal age – and while they are working, enjoying the job (42%).
However, the survey also said that just 27% of respondents ranked wealth as the highest measure of financial success.
“Rather, most Americans say happiness (59%) is the most important benchmark – being able to spend money on the things and experiences that bring the most joy, doing what you love, followed by the luxury of free time (35%) to pursue personal passions,” said Empower.
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