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The annual cost of success? Approximately $270,000.
According to a survey conducted by financial services firm Empower on Friday, that is the yearly salary required to be regarded as financially successful. Respondents stated that $5.3 million is the threshold for net worth.
The majority of Americans cannot afford those figures. According to the Social Security Administration, the average wage in the United States in 2023 was approximately $67,000. As of the second quarter of this year, the average 401(k) balance at Fidelity Investments was $127,100. Even though owning a home might increase one’s wealth, affordability is still a big problem for Americans without real estate.
More men (42%) than women (33%), and less than four out of ten respondents, say they consider themselves financially successful. Nearly 50% of those surveyed don’t think they’ll achieve the success they desire. Among the biggest challenges mentioned were “irregular or insufficient income streams” (30%), the economy, and a lack of savings (35% of respondents).
Financial Success Visions
Despite all the statistics, 43% of respondents stated that they did not associate success with a specific amount. Happiness is the most essential metric, according to over 60% of respondents. (The study stated that “having the ability to spend money on the things and experiences that bring the most joy” is the definition of happiness.) Over one-third of those surveyed stated that leisure time and physical health were significant indicators of success.
In September, 2,203 Americans participated in Morning Consult’s nationally representative online poll.
