The Minimum Salary Needed For Financial Success, By US Generation

“Money is a terrible master but an excellent servant.”

– P.T. Barnum

How much money does it take to be considered financially successful in the United States?

Visual Capitalist’s Bruno Venditti highlights a recent survey by Empower, conducted on September 13–14, 2024, asked 2,203 U.S. adults to define financial success in terms of annual salary and overall net worth.

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.

 

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.

Out of Reach for Many

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.

If you enjoyed this post, make sure to check this graphic illustrates the shifts in global wealth distribution between 2000 and 2023.