More Than Half of Gen Z Say Money Is Key To Happiness — But Will They Be Able To Make Enough?
Written by
Vance Cariaga
Edited by
Angela Corry
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Younger adults are usually less absorbed in financial matters than their older peers — at least until they have families to support and mortgages to pay. But that doesn’t mean money isn’t important. New research from EduBirdie found that more than half of Gen Zers believe money is the key to happiness, while nearly four in 10 aim to earn $100,000 a year by age 30.
There’s certainly nothing wrong with setting high goals, but reaching a six-figure salary by age 30 could be a tall order. That’s the case no matter your age — and it’s especially true for Gen Zers who are still in their teens and 20s.
How Earnings Play a Role
The median earnings for all full-time American workers were only $1,192 a week or $61,984 a year as of the 2024 fourth quarter, according to data from the U.S. Bureau of Labor Statistics. For workers ages 25-34, the median was $1,136 a week or $59,072 a year. For those ages 20-24, the median was $784 a week or $40,768 a year.
Despite those salary figures, 38% of the Gen Zers surveyed by EduBirdie aim to earn $100,000 by age 30. To get there, some will seek alternative income sources that fall outside the financial mainstream. For example, 14% are open to joining subscription-based social media OnlyFans to increase their earnings, while 26% have considered online gambling.
Most of the 2,000 Gen Zers surveyed by EduBirdie have a pretty realistic view of their earnings potential. Nearly six in 10 (58%) said they could live comfortably with an annual salary between $50,000 and $100,000. Most also practice good financial habits, with 53% “consistently saving” a portion of their paychecks and 30% “stashing away” leftover funds at the end of the month.
Debt Plays a Big Part
Of course, no matter how much money you earn, if you’re reckless with your spending you won’t get to a position of financial strength. One of the biggest financial challenges facing Gen Z (and other generations) is learning how to keep their debt under control.
A 2023 GOBankingRates survey found that one-third of Gen Z Americans have credit card debt, and more than one-quarter (27%) carry between $5,000 and $20,000 in non-mortgage debt.
“Gen Z needs to understand that carrying credit card debt early on can lead to a lifetime of financial struggles,” said Trinity Owen, a certified financial education instructor and founder of The Pay at Home Parent. “One missed payment can lead to late fees and higher interest rates, making it even harder to pay off the debt. The longer they carry the debt, the more interest they will accrue, making it harder and harder to get ahead.”
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