Gen Z's definition of a successful salary may differ significantly from that of boomers. A recent survey revealed that Gen Z's target salary is actually 600% higher than what boomers are likely to accept.
The "Secret to Success" study published by Empower revealed the figures that Americans consider being successful. The data was divided into different age groups: Gen Z, Millennials, Gen X and Boomers.
Many Americans feel that to be successful, they require an average salary of around $270,000 each year.
For Gen Z, a "successful" salary means earning an annual figure of $587,797, while Boomers consider an annual income of $99,874 to be satisfactory, as per the research.
In contrast, Millennials and Gen X fall somewhere in between. Millennials consider a salary of $180,865 as "successful," while Gen X sets the bar slightly higher at $212,321. The salary brackets also reflect how the different generations consider a successful financial net worth.
Gen Z aims for a net worth of nearly $10 million, while Boomers seek a net worth of $1,049,172. Millennials and Gen X have goals in the $5 million range.
The survey included 2,203 American adults. The results show that Gen Z, despite currently earning less, feels a greater need for financial success.
The divide may reflect broader societal shifts and economic realities faced by each generation, the New York Post reported.
Recent data from the U.S. Bureau of Labor Statistics showed that the majority of Americans are not anywhere near their goals.
In the third quarter of this year, the median weekly earnings for salaried workers were $1,165, equating to an annual salary of about $60,580. While paychecks increased by an average of 4.2% compared to last year, the impact was somewhat lessened by a 2.6% inflation rate.
