These Generations Feel They Need To Earn $100K or More To Feel Financially Stable — Except Boomers
Written by
Yaël Bizouati-Kennedy
Edited by
Daria Uhlig
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While inflation has been slowly but steadily cooling off — standing at 3% in June — many Americans say they feel financially unhealthy. Yet, what being “financially healthy” means varies by generation.
A survey from personal finance company Personal Capital and retirement plan provider Empower, conducted by The Harris Poll, found that a whopping 56% of Americans say their standard of living is declining, and nearly four in 10 (38%) say they are feeling financially unhealthy.
What’s more, every generation believes they need to earn more than $100,000 to feel financially healthy — except Boomers, who have a lower threshold, according to AP MoneyWise.
Here’s the breakdown, according to the survey:
- Gen Z: $171,633
- Millennials: $133,758
- Gen X: $112,222
- Baby boomers: $78,317
“It is human nature to compare portfolio values to their all-time high, but a wider lens is usually more constructive. In a choppy market, there are plenty of opportunities to take control of your money. Knowing your net worth puts you in the driver’s seat because you need a real-time measure of your financial health to make smart moves,” Craig Birk, chief investment officer at Personal Capital, said in a press release.
Interestingly, when it comes to savings, the trend moves inversely, as Gen Z believes they will need the least. Here is the breakdown, according to AP MoneyWise.
- Gen Z: $105,299
- Millennials: $349,784
- Gen X: $566,975
- Baby boomers: $764,999
In a bit of a silver lining for Gen Z Americans, a survey by Deloitte found that while half say they live paycheck to paycheck, they are more likely to expect their personal financial situation to improve in the next year.
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