The Minimum Salary Needed for Financial Success, by U.S. Generation

The New Diplomat
Writer

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The Numbers Behind Financial Success

The survey revealed that the average American believes a yearly salary of just over $270,000 is enough to achieve financial success. However, generational perspectives vary widely:

  • Gen Z (born 1997–2012) feels they need nearly $600,000 annually to reach financial success.
  • Boomers (born before 1964) estimate they can achieve success with salaries just under $100,000 a year.
Generation Birth Years Minimum Annual Salary Minimum Net Worth
Boomers 1946–1964 $100,000 $1,049,172
Gen X 1965–1980 $212,000 $5,295,072
Millennials 1981–1996 $181,000 $5,638,205
Gen Z 1997–2012 $588,000 $9,469,847
Actual Average U.S. Salary $63,975 $1,060,700

The average salary in the U.S. is $63,795, according to the latest data from the Social Security Administration.

Interestingly, from a net worth perspective, Gen Z believes a $9.5 million net worth is indicative of financial success—a figure that is nine times the average net worth in the country.

According to the survey, 47% of Americans believe they’ll never achieve the level of financial success they desire. Only 37% of respondents consider themselves financially successful right now, with men (42%) being more likely than women (33%) to feel this way.

In addition, just 50% of Americans believe they are or will be better off financially than their parents.

Credit: Visual Capitalist

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