A new survey of 2,000 employed Americans reveals that only 31% believe they have financially “made it” in life. Millennials lead the pack, with 34% claiming they have achieved financial success – the highest percentage among all generations surveyed. The study found that external factors significantly impact financial goals.
These include presidential elections (46%), interest rate changes (45%), and the job market (42%). Additionally, 79% of respondents say their definition of what it means to “make it” financially has evolved over time. Modern obstacles such as high living costs (42%) and inflation (26%) create significant barriers to financial success.
Some respondents also cite their own spending habits (7%) as a hindrance. “The uncertainty around the economy, politics, and other external factors can weigh heavily on people,” says Jessica Jones from BOK Financial Advisors. If someone is struggling to see success in their financial future, it’s essential just to get started, even with a small savings account.
Generational differences are clear in the data.
Nearly half of baby boomers (48%) and Gen X respondents (47%) point to a higher cost of living as a significant obstacle, compared to just 34% of Gen Z. Younger generations – Gen Z (28%) and millennials (30%) – are more likely to cite inflation as their primary concern. Today’s markers of financial success have also undergone a dramatic shift.
Millennials lead in financial confidence
Modern Americans consider owning a home (78%) and a vehicle (64%) as necessary indicators of financial success, while traditional milestones like having children (40%) or getting married (34%) have become less significant. Other indicators now include establishing a long-standing career (48%) and earning a college degree (30%).
When it comes to spending, Gen Z (27%) and millennials (31%) direct the most significant portion of their money toward family expenses, while Gen X (43%) and baby boomers (50%) prioritize retirement savings. Younger generations are planning ahead, too, with Gen Z expecting to retire at around age 41 and millennials at age 46. Interestingly, Gen Z shows both practical and personal financial priorities.
While they’re the most confident about planning their financial future without professional help (70%), they also lead in prioritizing purchases that make them happy (20%). In contrast, baby boomers express the least confidence in their financial future during retirement (33%) and their ability to plan without professional assistance (49%). “While people may feel confident that they can manage money independently, I’d advocate for professional advice,” notes Jones.
“Young people are showing interest in understanding financial concepts, which is encouraging, but there is a lot of information out there, so I encourage people to double-check their sources.”
The study also revealed interesting trends in how Americans seek financial advice. Most prefer guidance from older individuals over peers (64% vs. 56%). While social media’s influence on financial perceptions is significant (45%), only 41% actively seek financial advice from these platforms.
However, Gen Z bucks this trend, showing the highest interest in social media financial advice (64%) and being most influenced by these platforms in defining financial success.
