Gen Z’s definition of a successful salary may differ significantly from that of boomers. A recent survey revealed that Gen Z’s target salary is actually 600% higher than what boomers are likely to accept.
The “Secret to Success” study published by Empower delved upon the figures that Americans consider successful. The data was divided into different age groups, namely, Gen Z, Millennials, Gen X, and Boomers. Many Americans feel that to be successful, they require an average salary of around $270,000 each year.
As per the survey, the disparity in mindsets regarding success between Gen Z and other generations is quite striking.
For Gen Z, a “successful” salary means earning an annual figure of $587,797, while Boomers consider an annual income of $99,874 to be satisfactory, as per the research.
In contrast, Millennials and Gen X fall somewhere in between. Millennials consider a salary of $180,865 as “successful,” while Gen X sets the bar slightly higher at $212,321. The salary brackets also reflect how the different generations consider a successful financial net worth.
Gen Z aims for a net worth of nearly $10 million, specifically $9,469,847, while Boomers are more modest in their ambitions, seeking a net worth of $1,049,172. Millennials and Gen X have goals in the $5 million range, with Millennials desiring $5,638,205 and Gen X aiming for approximately $5.2 million.
The survey included 2,203 American adults, who shared their views on financial success. The results show that Gen Z, despite currently earning less, feels a greater need for financial success. Meanwhile, Boomers, who typically earn more, do not share the same financial goals. This divide may reflect broader societal shifts and economic realities faced by each generation, New York Post reported.
Recent data from the U.S. Bureau of Labor Statistics showed that while Americans have their own idea of what financial success is, the majority are not anywhere near their goals.
In the third quarter of this year, the median weekly earnings for salaried workers were $1,165, equating to an annual salary of about $60,580. While paychecks increased by an average of 4.2% compared to last year, the impact was somewhat lessened by a 2.6% inflation rate.
About 51% of adults believe that having a well-paying job leads to financial success, but this belief is not always reflected in their actual paychecks.
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