As more and more members of Gen Z enter the workforce, they’re starting to develop ideas of what it means to be financially successful.
According to a recent survey from financial firm Empower, Gen Zers on average believe an annual salary of $587,797 and net worth of $9.47 million are needed when they envision “financial success.”
In fact, pay that exceeds half a million dollar a year would put them in the top 1% of earners in 32 out of 50 states, according to separate data.
By contrast, older generations have much more modest definitions of financial success. For millennials, that means earning $180,865 a year with a net worth of $5.6 million, the Empower survey found. For Gen X, the respective numbers were $212,321 and $5.3 million, while boomers put theirs at just $99,874 and $1.05 million.
Not only does Gen Z have the highest benchmarks, they are also the most confident in reaching them: 71% said they are optimistic they will achieve financial success in their lifetimes, compared to 70% of millennials, 53% of Gen X, and 45% of boomers.