This Is Each Generation’s Ideal Salary and Jobs That Make Them Possible
Written by
Terence Loose
Edited by
Rebekah Evans
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How much money does it take to have a good life and be happy? Well, a study by financial services company Empower found that the answer is relative and varied. They asked people from four generations what financial success looks like in the form of annual salary and net worth.
Here is what they found and what jobs could make them happen.
Boomers
- Born between: 1946 to 1964
- Average ideal salary: $99,874
- Average ideal net worth: $1,049,172
Perhaps not surprisingly, boomers averaged the lowest ideal salary out of the four generational groups. Also not surprisingly, there are many careers that will pay $100,000 or more. According to U.S. Bureau of Labor Statistics (BLS) occupational data, they include such careers as post-secondary teachers, physical therapists, psychologists, civil engineers and more. In fact, according to the BLS, there are well over a hundred listed careers in a wide range of industries that pay a mean salary of at least $100,000 nationwide.
Gen X
- Born between: 1965 to 1980
- Average ideal salary: $212,321
- Average ideal net worth: $5,295,072
Now the air is getting a little thinner, with the BLS listing only 24 specific jobs that can handle a demand for $212,000 per year. Predictably, these are almost exclusively in the engineering and medical fields. On the “low” end are nurse anesthetists, with a mean salary of $214,200 per year. At the top are pediatric surgeons, with a mean income of $449,320. In fact, the medical field dominates the top 10, with nine entries. Athletes and sports competitors occupy the 10th spot at a mean annual salary of $328,830.
Millennials
- Born between: 1981 to 1996
- Average ideal salary: $180,865
- Average ideal net worth: $5,638,205
Interestingly, millennials seek a higher net worth with a lower ideal salary, which actually is on-brand since they have been tagged as the saving generation, as reported by Yahoo Finance. But, even though they’re willing to take a pay cut, compared to Gen Xers, it only brings in a handful more jobs, according to BLS data. Specifically, computer and information systems managers ($180,720 — close enough for a saver); dentists ($191,750); pediatricians ($205,860); and aircraft pilots and flight engineers ($209,680).
Gen Z
- Born between: 1997 to 2012
- Average ideal salary: $587,797
- Average ideal net worth: $9,469,847
Is it the influence of social media, where everyone seems richer than you or is it the crazy price of houses? Who knows, but Gen Z wants more. A lot more. In fact, not even the highest BLS median salary of pediatric surgeons will cut it. So what can this generation do to “make it”? Well, according to an Indeed article, careers that offer the potential to earn more than $500,000 a year include obvious choices such as actor, CEO and professional athlete.
Then, of course, there is social media influencer, which, according to education information site Edvisors, more than 50% of young adults want to be. And while the odds of success are slim, make it big and you’re on your way to that $600,000-a-year income. According to Edvisors, mid-tier influencers (100,000 to 1 million followers) can pull in $60,000 to $120,000 a year. But break into the top tier (over 1 million followers) and the sky’s the limit, with income of $600,000 or more per year. Of course, getting there might take as much time as becoming a pediatric surgeon, with far less of a guarantee of success.
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