The amount of money Americans believe is necessary to achieve success at any age has been revealed to be over $500,000 for Gen Z.

A big salary can signify broader success for corporate ladder-climbers, years of effort, while for doctors and lawyers, it reflects years of education and strong academic performance.

On average, Americans believe they need an annual salary of $270,214 to achieve financial success, according to a survey by Empower.

In 2023, only 10% of U.S. households earned more than $234,900, which is more than three times the median household income of $80,610, according to the U.S. Census Bureau.

With living costs increasing and the belief that more money leads to greater happiness, it's no surprise that Americans believe a substantial salary is necessary for success.

Young Americans say success takes even more

Gen Z aims for a higher salary to be successful than the average American adult, according to Empower's research.

The average salary that older adults consider to be successful is higher than that of the other adult generations.

• Millennials (ages 28 to 43): $180,865
• Gen X (ages 44 to 59): $212,321
• Baby boomers (ages 60 to 78): $99,874

With 49% of Americans feeling less financially successful than others, it's common for individuals to feel they're doing worse than their peers. Rebecca Rickert, head of communications at Empower, says this could be part of the reason they say they'd need such a high salary to feel accomplished.

A majority of Americans (60%) believe that achieving financial success is more challenging for their generation compared to previous generations. In contrast, baby boomers are the least likely to hold this view, with only 49% in agreement, while millennials are the most likely, with 69% concurring.

Rickert says that the majority of respondents believe that achieving prosperity is more difficult for their generation, which contributes to the significance people place on success.

On average, Americans believe that to be considered successful, one needs a net worth of approximately $5.4 million. However, Gen Z has set even higher expectations, surpassing this number.

The average net worth each generation considers necessary for success is:

• Gen Z: $9.5 million
• Millennials: $5.6 million
• Gen X: $5.3 million
• Baby boomers: $1 million

According to Rickert, younger generations are the most optimistic about achieving financial success in their lifetime, but they believe it will require more money to attain that goal.

"Economic uncertainty and the possibility of income instability can make achieving success seem more distant, especially for those just starting out," she explains.

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