Gen Z Says a $600K Salary Means Success. Boomers Say $100K — Who’s Right?
Written by
Laura Bogart
Edited by
Kristen Mae
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It’s no secret that Gen Z and Baby Boomers often regard each other as alien species. Boomers resent having their hard work and values reduced to a pithy “OK, Boomer,” while Gen Z bristles at being dismissed as entitled kids addicted to their phones. The generational divide manifests in a variety of ways, from language (though Boomers might be right to poke fun at “cheugy”) to style (Gen Z probably wins that one). But one study on how these generations define financial success made headlines for just how far apart they are.
In late 2024, Empower conducted a study on generational attitudes toward financial success, and to say the gulf between Zoomers and Boomers was striking would be an understatement. Gen Z believes they’d need nearly $600,000 a year to be considered successful, while Boomers opted for a more cutesy, more demure $100,000.
So who’s right? On the surface, Baby Boomers seem to have a more practical outlook. But when you consider today’s economic realities, the answer might not be so simple.
Are Gen Z’s Salary Expectations Unrealistic?
When it comes to Gen Z’s assessment that $600,000 equals success, Lamar Brabham, CEO and co-founder of the Noel Taylor Agency, urges youngsters to take a deep breath.
“Gen Z feeling the need to have a whopping annual income of $600,000 demonstrates a disconnect with reality when it comes to the income needed to achieve financial success,” he said. “Considering the top 2% of Americans earn $400,000 a year, $600,000 a year feels like a bit of an exaggeration.”
These expectations are especially out of sync with most salaries, especially entry-level salaries. When Indeed compiled a list of jobs that pay over $500,000 a year, it included careers like actor and professional athlete, alongside more achievable paths like anesthesiologist.
In other words, you could earn that kind of salary becoming a doctor — or playing one on TV. And even then, actors generally don’t reach six figures unless they land a major role.
Are High Expectations a Product of High Stress?
It’s easy to dismiss Gen Z’s sky-high salary goals as a product of too much TikTok. Watching influencers preen in elite luxury condos, wear outfits that cost as much as a down payment on a car, and vacation at exclusive resorts can make the “good life” seem unachievable without a hefty paycheck.
That said, Gen Z has also come of age in a time of intense social, political, and economic volatility. In a Forbes write-up about the Empower study, writer Jack Kelly noted that upheaval has been a constant in Zoomers’ lives.
“Gen Z’s developmental years have been significantly influenced by major economic disruptions, including the Covid-19 pandemic, the highest inflation rates in over four decades, the burden of substantial student loan debt and a challenging housing market that has become increasingly inaccessible to many Americans,” Kelly wrote.
While Boomers have the advantage of having been in the job market for decades longer — and firsthand knowledge of what realistic salaries look like — they also had the luxury of fewer financial barriers when they were starting out.
One could argue that even if Boomers are technically correct in their assessment of what constitutes a reasonable income, Gen Z’s belief that they need so much more speaks to how unbalanced the financial landscape has become.
Finding a Better Balance
Still, Brabham believes there’s a way for Gen Z to feel successful with a more attainable salary range. He wants them to think of financial success as earning enough income to live comfortably while still having the ability to save and invest for a better future.
“It’s important not to create artificial targets that are unreasonable. Aspirations and high expectations can be good as long as they are realistic and don’t turn into a source of anxiety or stress,” he said. “Life is hard and goals are important, but achievable goals make for a happy life. Be kind to yourself.”
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