This is absolutely wild

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Boomers say it takes $100k a year to be financially successful, Gen Z says it takes $600k (Story by Ben Berkowitz)

The average American thinks a salary of just over $270,000 a year qualifies them as "financially successful," but there are huge disparities between generations, according to a new study.

Why it matters: In an environment where workers are increasingly resentful, the study by financial services company Empower finds younger workers expect double the salary of their older peers to be a success.

By the numbers: Boomers born before 1964 generally think they can be a success on salaries just under $100,000 a year, while those born between 1965 and 1996 are closer to $200,000.

But the youngest workers, the Gen Z cohort born between 1997 and 2012, think they have to earn almost $600,000 a year to really make it.

Even with those lofty targets, 71% of Gen Z respondents said they expected to achieve financial success in their lifetimes, more than any other age group.

"Americans believe success is about self-determination not a pre-determination — which is quite powerful," Rebecca Rickert, head of communications at Empower, told Axios via email.

It's another way of looking at how Americans think about where they are and where they want to be.

A 2023 financial happiness survey, also by Empower, found the more people already earned, the more they felt they need to make to be happy.