Americans in all age brackets are making far less money than they think they need to be successful, according to new research.

A "Secret to Success" study published Tuesday by Empower, a financial services firm, found each generation defines financial success differently. The highest discrepancy is found among Generation Z, which is made up of people born between 1997 and 2012. With many still in school or fresh out of college, they make the least and think they need to earn the most. Baby Boomers, or people born between 1946 and 1964, make the most and think they need to earn the least.

The survey of 2,203 American adults was fielded by Morning Consult in September. Its respondents reported that financial success isn't just about accruing money, it's about purchasing power. Only 27% ranked wealth as the highest measure of success whereas 59% said happiness — defined as being able to buy things and experiences you love — is the most important benchmark.

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What salary does each generation aspire to?

Overall, Americans think they need an average salary of about $270,000 per year to be successful but it varies by generation. A nearly $488,000 gap separated Gen Z and Boomer respondents to the survey.

• Gen Z: $587,797
• Millennials: $180,865
• Gen X: $212,321
• Boomers: $99,874

What net worth does each generation aspire to?

The study found Americans overall describe financial success as acquiring an average net worth of about $5.3 million but it again varies by generation. Generation X, made up of people born from 1965 to 1980, and Millennials, made up of people born from 1981 to 1996, seemed to agree it is somewhere between $5 and 6 million.

• Gen Z: $9,469,847
• Millennials: $5,638,205
• Gen X: $5,295,072
• Boomers: $1,049,172

How much does each age group currently make?

The median weekly earnings of the nation's nearly 121 million full-time wage and salary workers were $1,165 in the third quarter of 2024, according to the U.S. Bureau of Labor Statistics. That adds up to an estimated $60,580 per year.

These numbers, while not seasonally adjusted, reflect a 4.2% increase from last year. In the same period, the Consumer Price Index for All Urban Consumers, a measure used to track inflation, rose by 2.6%.

Here is a look at what the bureau reported each age bracket earned during the third quarter of 2024:

• Ages 16-19: $633 per week or an estimated $32,916 per year
• Ages 20-24: $778 per week or an estimated $40,456 per year
• Ages 25-34: $1,107 per week or an estimated $57,564 per year
• Ages 35-44: $1,301 per week or an estimated $67,652 per year
• Ages 45-54: $1,339 per week or an estimated $69,628 per year
• Ages 55-64: $1,268 per week or an estimated $65,936 per year
• Ages 65 and over: $1,121 per week or an estimated $58,292 per year

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