A new survey by Empower reveals Generation Z—those born between 1997 and 2012—believes financial success requires an annual salary of nearly $600,000 and total assets of $9.47 million.
This is far above the average American income of $60,580, as reported by the Bureau of Labor Statistics.
Social media plays a major role in shaping these high expectations. Platforms like TikTok and Instagram expose Gen Z to curated luxury lifestyles, which psychiatrist Eric Arzubi calls “upward comparison”—comparing oneself to those with more resources. While this can inspire ambition, it often leads to unrealistic standards.
Other generations have more modest benchmarks for financial success. Millennials cite $180,865, Gen X aims for $212,321, and Boomers settle for $99,874 annually.
Psychologists suggest Gen Z’s lofty goals reflect their younger age and the influence of rising costs and digital exposure.
Despite their ambitious outlook, these figures highlight how Gen Z views financial success as more than just meeting basic needs.
Whether these expectations will shift over time remains to be seen, but they offer a glimpse into how this generation is redefining wealth.
