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Why Gen Z's idea of 'financial success' is so vastly different than every other generation

A salary of nearly $600,000? Are they serious?

Photo credit: Canva

Gen Z's financial expectations are miles above the rest of us.

Have you ever thought about what threshold of income or net worth would make you feel successful financially? Not merely getting by or making ends meet, but like you've achieved a level of wealth that feels comfortable and secure? That number depends on a lot of factors, of course, depending on whether you have a family, the cost of living in your area and more. But as a survey of over 2,200 American adults shows, it also depends on your generation.

Averaging the numbers overall, Americans said a salary of $270,214 a year and a net worth north of $5.36 million would spell financial success for them, according to research from Empower. But those numbers are greatly skewed by the lofty ambitions of Gen Z, who say they'd need a whopping $587,797 a year salary to feel successful. Compared to Boomers with $99,874, Gen X with $212,321 and Millennials with $180,865, Gen Z's "financially successful" salary (as well as their response of $9.47 million for net worth) seems extraordinarily out of touch.

media.giphy.com

Keep in mind, these numbers come from Gen Zers who are 18 years and older, so it's not like it's skewed by a bunch of 13-year-olds who have zero concept of money management. But how did young adults end up having such high expectations of what financial success means?

Here are a few possibilities:

Gen Z has been bombarded with aspirational content their whole lives

Instagram, TikTok, YouTube—these social media platforms include countless accounts designed to make us drool over aesthetics. Luxury travel. Beautiful homes. Fashionistas flashing name brand everything. The kind of content that used to be confined to "Lifestyles of the Rich and Famous" (yes, I'm dating myself) has moved into the mainstream and is now portrayed as a normalized ideal.

For older generations, "financially successful" generally meant being able to afford a nice house in a nice neighborhood, two new cars, a vacation every year and a solid retirement plan. It meant being able to send your kids to college and pay for a beautiful wedding without going into debt. It meant not worrying about money, but it didn't mean being able to afford all manner of luxury. Perhaps Gen Z sees success differently due to what they've seen on social media—and due to being the most marketed to generation in the least traditional ways.

via GIPHY

Gen Z is influenced by influencers who've gotten rich young

In past generations, wealth came with age and experience. Sure, there have always been people born into generational wealth, but if we were talking $600,000 a year salaries, we'd be talking CEOs and hedge fund managers and heart surgeons other careers that take some time to build.

But Gen Zers see YouTube creators and Twitch streamers their own age making millions doing things they believe they can do themselves. That's got to skew your perception of what's possible and what's a reasonable amount of money you can expect to make. It's entirely possible that a lot of these young adults simply don't realize what a normal salary is. Considering the fact that their "financially successful" amount is nine times the 2023 national average yearly wage, there does seem to be a disconnect between their perception and reality.

Gen Z grew up hearing repeated messages of financial uncertainty

Gen Zers are familiar with financial crises. They just started coming along when 9/11 happened, and they were still little when the housing market crashed. They've grown up hearing their parents talk about financial upheaval and hearing politicians use the economy as a weaponized talking point. The COVID-19 pandemic threw even more economic uncertainty on an already teetery foundation, right when a lot of Gen Zers were just starting to make their own money. Toss in the bonkers cost of college tuition, unaffordable housing and post-pandemic inflation and it's not hard to see why young adults just starting out might be under the impression that they need a megaton of money to feel financially secure.

media.giphy.com

Oddly enough, they're quite confident that they'll get there

One might assume that these sky high Gen Z dreams of financial success would feel out of reach for these young folks, but according to Empower, 71% of Gen Z respondents said they expected to achieve financial success in their lifetimes—more than any other generation. Is that an admirable sense of optimism or the hubris of youth? Are they setting themselves up for success or disappointment with such expectations? Hard to say.

We live in unprecedented and unpredictable times, so anything is possible. And if you're going to have high expectations, you might as well have the confidence to match them. We olders might roll our eyes at Gen Z's standard being so much higher than our own, but maybe they're onto something. (After all, a good chunk of them seem to be getting by without driver's licenses, so who knows what else they're capable of.) Dreaming big has its merits, so more power to you, Gen Z. Only time will tell if reality has other plans.

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Millennials nearing 40 are sharing their biggest mistakes so everyone can learn from them

Here are 21 of the most powerful responses.

via Pexels

Millennials are now old enough to seriously reflect on life.

It seems like only yesterday a millennial was a college kid that baby boomers chided for being entitled and Gen Xers thought were way too sincere and needed to learn how to take a joke. Today, the oldest millennials, those born around 1980, have hit their 40s and have lived long enough to have some serious regrets.

They also have enough experience to take some pride in decisions that, in hindsight, were the right moves. The good news is that at 40 there is still plenty of time to learn from our successes and failures to set ourselves up for a great second half of life. These lessons are also valuable to the Gen Zers coming up who can avoid the pitfalls of the older generation.

A Reddit user who has since deleted their profile asked millennials nearing 40 “what were your biggest mistakes at this point in life?” and they received more than 2,200 responses. The biggest regrets these millennials have are being flippant about their health and not saving enough money when they were younger.

They also realized that the carefree days of youth are fleeting and impossible to get back. So they should have spent less time working and more time enjoying themselves. Many also lamented that they should have taken their education more seriously in their 20s so they have more opportunities now.

The responses to this thread are bittersweet. It's tough hearing people come to grips with their regrets but the realizations are also opportunities to grow. Hopefully, some younger people will read this thread and take the advice to heart.

Here are 21 of the most powerful responses to the question: “Millennials of Reddit now nearing your 40s, what were your biggest mistakes at this point in life?”

1.

"Not taking care of my hearing, not even 35 and going deaf." — Kusanagi8811

2.

"Not getting healthy earlier." — zombiearchivist

3.

"Staying too long at a job in my 20s, just because it was safe and easy. When I finally got the motivation to leave, ended up with an almost 50% pay boost." — Hrekires

4. 

"Thinking that I could and should put myself on the back burner for anything and anyone else." — lenalilly227

5.

"Smoking and not dealing with my shit the right way." — Allenrw3

6.

"Pining after the wrong person." — runikepisteme

7.

"I turned 40 this year and just started liking who I am. Why the fuck did it take 40 years for self acceptance?" — guscallee

8.


"Take care of your fucking back. Lift with your knees. Sure it's rad when you grab a fridge by yourself and lift it in the back of a moving truck unaided, but one day that shit is going to have consequences that won't just magically go away by resting and "taking it easy" for a week." — GuyTallman

9.

"I wish I spent more time with my dad while I had the chance." — CharlieChooper

10.

"I'm 37. I absolutely could have taken better care of my body, but I'm in relatively good health. I'm starting to realize how important it is to maintain my health. I do also think I drank far too much in my 20 and early 30's. I'm trying to rectify that now, but it's hard. So that I guess." — dartastic

11.


"I'm not sure if people have experienced the same but when I entered my 30s I became convinced I was rapidly running out of time. Rather than using that as motivation I let it paralyze me with indecision because I "couldn't afford to make the wrong choice." Consequently, I'm now 39 and, though I've had great things happen in my 30s, I regret spending so much time worrying and so little time committing to a course of action." — tomwaste

12.

"Work to live, don’t live to work. You have half your working life after you turn 40 but only 20-25 years to really live it up before the responsibilities become heavy and your joints start to ache. Live life. Really LIVE it. Experience as much you can. Every sensation, sight, sound, touch. Be open. Be brave. Live your first few decades in the fast lane. You have the rest of your life to take it easy, when you have no choice." — MrDundee666

13.

"I should have paid more attention to my parents telling me to save money and less attention when they were teaching me about purity culture." — Arkie_MTB

14.

"If I could tell my 18 year old self one thing, it would be to save 10% of every paycheck I ever got." — PutAForkInHim

15.

"Thinking that I have time to do everything I want only to find myself loosing time, and the endless energy I used to have in order to purse them." — ezZiioFTW

16.

"Not wearing sunscreen." — blueboxreddress

17.

"Not recognizing the importance of work/life balance earlier in life. My late teens, all 20's, and early 30's were spent pulling 60-100+hr weeks because I thought it was what was required to succeed. How wrong I was. Others stabbed me in the back and reaped the reward.

1.) Putting work first for too long. Work is my #1 priority during work hours now. After quitting time, I don't think about it (much) anymore. I don't vent to my wife or friends about it anymore either.

2.) Investing more into fast cars than solid long-term investments. Sure, it was fun, but I could have made bookoos more had I put that towards less-fun investments.

3.) Not using PTO and just waiting for the payout. All those years, missed. I'm in my mid 30's and I didn't actually have a real vacation until 3 years ago.

4.) Not realizing that "the good guy" often loses. Just because you're morally justified doesn't mean you're going to win. Just because there's a number to call doesn't mean anyone will actually help you. Just because "law" exists, doesn't mean people follow it, enforce it, or create justice. The world is dog eat dog and cynicism can be healthy in moderate doses." — [Deleted]

18.

"When you get out of college, keep your friends. No matter how hard it is. Hold on to them." — mpssss22

19.

"I imagine these are kinda universal:

  • Not getting fit and healthy
  • Assuming I'd be offered proper guidance on how to achieve my goals
  • Assuming higher education would help me achieve my goals
  • Spending far too long caring what people think
  • Not taking risks that might better my life when I was younger and had nothing to lose
  • Staying in relationships too long after they were clearly done." — katapultperson

20.

"Always ask for more pay. Starting, yearly, before leaving, whatever. Get that money." — SensibleReply

21.

"Spending too much time in front of a screen and not enough enjoying life." — BellaPadella


This article originally appeared two years ago.

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People born between 1954 and 1965 are thrilled to learn they're not boomers, but 'Gen Jones'

"Whaaat? There's a name for us? I have never felt like a real boomer—or Xer! I feel normal for once!"

Photo credits: Michelle Obama, Montclair Film, Georges Biard

Michelle Obama, Stephen Colbert and Michelle Yeoh are all Gen Jonesers.

The Silent Generation. Baby boomers. Gen X. Millennials. Gen Z. Gen Alpha. Social science and pop culture commentators have spent decades grouping and analyzing the different generations, assigning various qualities, habits and tendencies to each age group.

But some people don’t identify with their generation, or at least these particular categories of them. Those on the cusp between two generations often feel like neither aligns with who they are..

That’s where Generation Jones comes in.

Like the Xennials that straddle Gen X and millennials, Generation Jones are not quite boomers but not quite Gen X. For most of their lives, those born between 1954 and 1965 have been lumped in with the baby boomers, but culturally they’ve never quite fit. They were too young to be involved in the major civil rights, women’s liberation and Vietnam war movements of the 60s, instead witnessing those social upheavals through children’s eyes. But they were also too old to identify with the Gen X latchkey kid angst.

Jonathan Pontell is the television producer, director, and writer who named Generation Jones and explained what made them unique. “We fill the space between Woodstock and Lollapalooza, between the Paris student riots and the anti-globalisation protests, and between Dylan going electric and Nirvana going unplugged,” he wrote in Politico in 2009.

He also explained why Gen Jonesers make good leaders:

“What makes us Jonesers also makes us uniquely positioned to bring about a new era in international affairs. Our practical idealism was created by witnessing the often unrealistic idealism of the 1960s. And we weren’t engaged in that era’s ideological battles; we were children playing with toys while Boomers argued over issues. Our non-ideological pragmatism allows us to resolve intra-Boomer skirmishes and to bridge that volatile Boomer-GenXer divide. We can lead.”

Many Generation Jonesers have never felt like they had a generational home and are thrilled to learn they actually do have one. Check out how Upworthy readers responded with glee upon discovering they were a part of Gen Jones:

"Thank you! As a definite Gen Jones, I completely relate to this. To young to be a hippy, therefore was never a yuppy, but too old to be Gen X. Gen Jones works just fine."

"I have said for decades that I must be a transitional person into Gen X, because I don’t relate to boomers! I appreciate them, but I am not one of them. I am glad someone finally named my generation!"

"There are definite differences between people born in the 1940s/1950s and those of us born in the early 1960s. Most of us born in the early 1960s do not remember the JFK assassination and we were much too young to participate in Woodstock. The older Boomers were already established in their careers and as homeowners with families in the 1980s when we were in our 20s just starting out and ready to buy our first home. While the older Boomers experienced reasonable mortgage interest rates, the early 1960s Boomers faced mortgage interest rates averaging 14 percent in the 1980s which made it more difficult for us to buy our first home. We definitely need an additional group between Boomers and Gen X, and Generation Jones fits the bill."

"I was born 6 days before 1960…. I’ve felt out of touch with a lot of the boomer life descriptions, and not Gen X enough to fit in there. I’ll take Generation Jones."

"1957 here, with older siblings born before 1950. I definitely did not have the same experience growing up that they had. I feel I can identify a little with Boomers and a little with the Gen X experience, so there’s some overlap. (BTW, Gen X needs to stop claiming that they’re the first to have experienced all the things we grew up with. Kids, you didn’t invent drinking out of the garden hose or playing outside until the streetlights came on. Sheesh!) Glad to be a Joneser."

"Of course there is a difference between people raised in the 1950’s and people raised and coming of age in the 1960’s and 1970’s. Society changed a lot in those three decades."

"This is my generation but I never knew we had a name! The description fits perfectly."

Congrats on finding your people, Gen Jones. It's your time to shine.

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Millennials bond over the weird no phone 'money rule' that sets their generation apart

Folks under 30 will never understand.

@jennielongdon/TikTok, Photo credit: Canva

It might not be hip, but it makes sense!

Online shopping is an integral part of adult life no matter what age group you fall into. But apparently there’s one digital spending habit that didn’t make it to Gen Z.

UK-based radio host Jennie Longdon recently went viral for sharing how—despite being able to do virtually everything from our phones—folks over the age of 30 can’t seem to part with using their laptops for “big purchases.”

“Takeaway , clothes, shoes within reason, yeah,” she says in a clip posted to her TikTok. “But…a plane ticket? That’s a laptop job!”

Longdon continues to feign disgust as she imagines big purchases being made from the phone, as these items obviously require the larger screen. It’s just something that a millennial brain cannot get behind. “We cannot make a big or significant purchase on the phone. You can't browse properly."

“Bigger screens for the big things please,” her video caption reads.

@jennielongdon Bigger screen for the big things please. #millennial #millennialsoftiktok #millenialmum #fyp #foryou ♬ original sound - Jennie Longdon

But there may be some sound reasoning behind this seemingly outdated logic. According to Fluid Commerce, the average desktop provides “over 3 times as much information” as a smartphone screen, allowing for more research. Laptops might not offer quite as much information as a desktop, but they certainly offer more than a phone, and it’s just good common sense to want as much information as possible before making an investment.

Either way, most millennials seem willing to die on this hill.

“Big purchases on the computer because I don’t trust mobile apps to show me everything I need to know,” one wrote in the comments.

“Big purchase requires the big internet,” added another.

A third said, "I will literally look at the information on my phone, then go get my laptop to go to the same site to book it.”

A few even shared horror stories of trying things the newfangled way and it backfiring immediately.

“I lived dangerously the other day and booked a hotel room on my phone and it tools ages buffering at the confirmation screen and I was fuming and knew I should’ve done it on my laptop,” one person lamented.

Another wrote, "I booked a mini break on my phone once and I accidentally refreshed the page with my thumb midway through booking.”

Still, there are some millennials who are on board with the phones-only approach.

"I booked flights, accommodation, and extracurriculars for four people on my phone recently,” one person wrote. "I was so proud."

Another said, "I'm a millennial and I just booked my Vegas hotel and flights on the phone. It's.....fine....."

Lastly—kudos to this commenter, who truly got to the root of this issue by saying:

“We grew up in an age when mobile websites were terrible and we’ve never forgotten it.”

That really hits the nail on the head, doesn’t it? Some scars just never truly heal.


This article originally appeared on 5.13.24

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