A lot has changed about life and culture in general over time, so it’s no surprise that the state of the economy has changed too, going through a lot of ups and downs. This has given people who grew up in different eras different ideas about money.
There seems to be a generational war for everything, and the ideal salary is no different. It turns out that each generation has vastly different ideas about what kind of funds they would need to live comfortably. A study examined what everyone from Gen Z to baby boomers wished they made, and it’s drawing some questions about what people think is realistic.
Financial services company Empower conducted a survey of 2,203 American adults in 2024 to determine how high each generation thought their income should be so they could live a successful life. On average, respondents said they wanted to make $270,000 per year and have a net worth of $5.3 million. Adjusting for inflation, that’s about $287,000 and $5.6 million by today’s standards, respectively.
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Although many people would faint at the thought of actually making close to $300,000 a year, Gen Z felt like that wasn’t enough. Their desired salary was $587,797, which would be equivalent to $624,020 now. Perhaps not surprisingly, this was significantly higher than that of any other generation surveyed.
Meanwhile, millennials said they wanted to make about $180,865 each year to reach their definition of success, which is now $192,011. Gen X felt like they needed a bit more at $212,321, or $225,405 today. Baby boomers came in at the end of the pack, requesting a relatively modest $99,874 in 2024, or $106,029 now.
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Everyone wants to make more money than they already do, and everyone feels like there isn’t enough to go around. These survey participants were no different. Data shows Gen Z has the farthest to go to achieve their dreams because they only make approximately $25,204 a year.
Millennials brought in a decent $71,566. Gen X was close but faced a major gender disparity: the median income for women was just $60,112, but men made a much higher $79,984.
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It’s a bit trickier to calculate boomers’ income since many have transitioned into retirement now. Those who are still part of the workforce make about $72,456 each year. The generation is doing just fine overall, though. They have an estimated collective wealth of $85 trillion, which is more than any generation before them.
It’s not surprising that each generation feels they need more than they actually make when each has faced its own monetary struggles exacerbated by wars, recessions, and pandemics. The four groups have also all faced their own periods of high inflation, so they understand how difficult a rising cost of living can be.
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Each of the four generations thought they needed more money than they actually earned to be successful, which says a lot. Many boomers who have already retired had enough money to get by when they were younger, but they still wanted more. And a lot of people would chalk up Gen Z’s high number to entitlement, but they could actually fear they’ll need that much.
The actual average household income in the United States is $66,622. This is less than what any generation wanted, and therein lies the problem. Over half of Americans feel like their financial situation is continuing to worsen. The cost of essentials just keeps going up, which has left 26% outspending their earnings, and another 44% having a hard time paying their bills.
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Despite this, the U.S. economy looks good numbers-wise. People aren’t feeling that in their own lives, which could be caused by the widening gap between the rich and the poor; persistent pessimism about the economy regardless of improvements, which economics expert Kyla Scanlon called a “vibecession;” or a multitude of other things.
So, while boomers, Gen X, millennials, and Gen Z may all have different ideas about how much money they need to achieve stability, it seems like everyone can agree that times are tough right now.
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Mary-Faith Martinez is a writer with a bachelor’s degree in English and Journalism who covers news, psychology, lifestyle, and human interest topics.
