A new survey suggests that young adults and older Americans see financial success through very different lenses, and the gap in perceived success may be wider than ever between the two groups.
A poll of over 2,200 American adults, conducted by the Empower firm, found that Generation Z believes they need to earn at least $587,800 per year to consider themselves financially successful.
That figure is nearly six times higher than what Baby Boomers reported.
According to the survey results, each demographic’s average salary figure that they perceive as “financially successful” includes:
Gen Z (born between 1997 – 2012): $587,800
Millennials (born between 1981 – 1996): $180,900
Gen X (born between 1965 – 1980): $212,300
Baby Boomers (born between 1946 – 1964): $99,900
Across all age groups, the collective – or average – person said the salary they would need for financial success would be around $270,000.
While the survey did not define what “financial success” means in much further detail, the research firm indicated that interpretations of success ranged from having decent savings and homeownership to feeling secure enough to cover financial emergencies or retire comfortably.
Economic Pressures Driving “Perception Gaps”
The study’s findings are published during a time of rising costs that have reshaped financial expectations for younger Americans. Housing prices remain near record highs, student loan debt continues to rise, and inflation has strained household budgets nationwide.
The survey also found some notable differences in “expectations” among different demographics of Americans, including:
Urban residents reported higher salary expectations than respondents from suburban or rural areas.
Women set higher financial success salary thresholds than men.
Changing Definitions of Financially “Making It”
The sharp differences in salary expectations between Gen Z and Baby Boomers indicate a significant generational shift. Older Americans entered the workforce when housing and college costs were lower in relation to their income. Younger adults are entering an economy where it feels that starter homes are harder to afford, and wages have not kept pace with living expenses.
Even as money expectations rise, the average U.S. worker earns far less than what any generation in the survey considers financially successful. 2024 data from the U.S. Census Bureau show that the median household income is roughly $83,000.
The survey, which circulated widely on social media over the weekend, sparked a debate over the cost of living, the housing market, and work-life balance among Americans of all ages.
X user Nathaniel Randell wrote, “The fact that boomers think $100k is financially successful shows they have absolutely no grasp on the current market. No wonder we’re in such a mess.”
In contrast, X user Yair Einhorn responded in a post saying, “Although Americans worked an average of 42.9 hours a week last year – down from 44.1 hours in 2019, Gen Z employees younger than 35 led the decline, working an average of nearly two hours less a week (!), while older employees reduced their workweek by just under one hour. The truth needs to be told – This generation is lacking work ethic!”
Mental Health Correlation?
Of interest is the consideration of the mental health landscape among younger generations, specifically Gen Z, who believe that $587,800 is the average salary required to be considered financially successful.
Surveys reveal that 46% of Gen Z individuals report having a mental health diagnosis. Noting that nearly half of this demographic is grappling with mental health issues, which could be exacerbated by societal pressures, economic challenges, and the unique stressors of growing up in today’s world, understanding both the financial aspirations and mental health realities of Gen Z is crucial in addressing their overall well-being and crafting supportive policies.
Gen Z stands out as experiencing the most pronounced mental health challenges.
Gen Z faces significant mental health issues, with 2025 surveys revealing alarmingly high rates compared to other generations. A staggering 94% of Gen Z youth report experiencing regular mental health challenges monthly, 63% rate their mental health as less than good (vs. 52% Millennials, 49% Gen X, 28% Boomers), and 46% feel stressed or anxious most or all of the time.
All to say, the profound generational chasm in perceptions of financial success—where Gen Z envisions needing nearly $588,000 annually compared to Baby Boomers’ benchmark of close to $100,000— might be more of a mirror reflecting escalating economic hardships, such as soaring housing costs and wage stagnation, that disproportionately burden younger Americans, fueling social media debates on work ethic and realism.