Research indicates that Americans across all age groups earn considerably less than they believe is needed for achieving success.

A study titled “Secret to Success,” released on Tuesday by Empower, a financial services company, reveals that different generations perceive financial success in various ways. Generation Z, consisting of individuals born from 1997 to 2012, has the largest gap in earnings versus expectations. Many in this group are still in educational institutions or have just graduated, leading them to earn the least but expect to require the most. In contrast, Baby Boomers, born between 1946 and 1964, have higher earnings but believe their financial requirements are lower.

The survey conducted by Morning Consult involved 2,203 American adults and was carried out in September. Participants concluded that financial success encompasses more than just accumulating wealth; it also involves purchasing power. Only 27% identified wealth as the primary indicator of success, while 59% emphasized happiness, which they defined as the ability to afford things and experiences that bring joy.

Salary Aspirations by Generation

On average, Americans believe they need an annual salary of approximately $270,000 to achieve success. However, this figure varies significantly among generations, with a staggering difference of nearly $488,000 between the expectations of Gen Z and Baby Boomers.

• Gen Z: $587,797
• Millennials: $180,865
• Gen X: $212,321
• Boomers: $99,874

Net Worth Goals by Generation

The study reveals that Americans generally equate financial success with attaining an average net worth of about $5.3 million, but this aspiration also differs by generation. Both Generation X (born from 1965 to 1980) and Millennials (born from 1981 to 1996) aim for a net worth between $5 and $6 million.

• Gen Z: $9,469,847
• Millennials: $5,638,205
• Gen X: $5,295,072
• Boomers: $1,049,172

Current Earnings by Age Group

According to the U.S. Bureau of Labor Statistics, the median weekly earnings for nearly 121 million full-time workers in the U.S. reached $1,165 in the third quarter of 2024, equating to an estimated annual income of $60,580.

These figures, though not adjusted for seasonal changes, represent a 4.2% increase compared to the previous year. At the same time, the Consumer Price Index for All Urban Consumers, a key indicator of inflation, saw a rise of 2.6%.

Here’s a breakdown of earnings by age group reported by the bureau for the third quarter of 2024:

• Ages 16-19: $633 per week, about $32,916 annually
• Ages 20-24: $778 per week, about $40,456 annually
• Ages 25-34: $1,107 per week, around $57,564 annually
• Ages 35-44: $1,301 per week, roughly $67,652 annually
• Ages 45-54: $1,339 per week, about $69,628 annually
• Ages 55-64: $1,268 per week, approximately $65,936 annually
• Ages 65 and over: $1,121 per week, estimated $58,292 annually