Americans Think You Need To Earn This Much To Be Successful

Financial success means different things to different people. However, if you were to put a dollar figure to it, most Americans have a very lofty measurement for it.

Financial success would take an average annual salary $270,000 or a net worth of $5.3 million, according to a recent survey by Empower, a retirement record-keeper. That’s far more than the real median income in the U.S., which was roughly $80,000 in 2023.

Given how ambitious some of these goals are, it may not be surprising that many don’t think of themselves as successful: Only 37% of people said they think they’re financially successful right now.

More than one-third (35%) say the economy is to blame for lack of financial success, 30% believe it’s because of income instability, and 28% think it’s due to not setting clear financial goals.

What Financial Success Means for Different Generations

However, the biggest measure of financial success among survey respondents was not the amount of money you had but how it made you feel.

Nearly 60% of those surveyed said that their definition of financial success would mean being able to spend money on things they love and experiences they enjoy, as opposed to 27% who defined it as wealth.

The survey also found that different generations had distinct ideas of what financial success meant, with younger generations thinking they needed more money.

Gen Z, the youngest generation surveyed by Empower, thought people needed to make more than $550,000 or have a net worth of more than $9 million to be successful (the largest amount suggested by any generation). Older Boomers said they needed to make roughly $100,000 in annual salary or have a net worth of more than $1 million to feel financially successful.