Having $1 million in net worth used to be the ultimate goal, but today, some experts are concerned it may not be enough. Still, when asked in a new generational survey how much net worth would make them feel successful, Baby Boomers (ages 60 to 78) stuck to that coveted $1 million mark.
The other generations? Not even close.
According to a new survey from Empower, a financial services company, Gen X (ages 44 to 59) said they'd need $5.3 million to feel successful, and millennials (ages 28 to 43) reported a slightly higher $5.6 million. Gen Z (ages 18 to 27) went wild and responded they'd need $9.5 million, on average.
The survey, titled "Secret to Success," was formulated from the online survey responses of 2,203 Americans ages 18 and up taken over two consecutive days in September 2024 and fielded by Morning Consult. Numbers were "weighted to be nationally representative of U.S. adults," according to Empower.
The average salary that Americans considered a measure of "success" was $270,000 a year, per the report.
But just like the net worth question, Gen Z doubled every other generation's answer and said a salary of $587,797 would make them "successful." Millennials reported needing a salary of $180,865, Gen X reported $212,321, and Baby Boomers said $99,874.
Despite the high expectations, the report also found that 58% of Americans surveyed still believed they would achieve financial success in their lifetime, with the younger generations being the most optimistic (Gen Z, 71%; Millennials, 70%; Gen X, 53; and Baby Boomers, 45%).
Rebecca Rickert, head of communications at Empower, told CNBC that younger generations are the "most optimistic about achieving financial success in their lifetime, though they estimate it'll take more money to get there."
Read Empower's full research report, "Secret to Success."