When it comes to finances, do you feel like you’ve “made it” yet? It turns out, many of us feel like we’re still just getting by these days. According to a new survey, less than a third (31%) of Americans think they’ve “made it” financially so far.
But that doesn’t mean everyone else is discouraged. The poll of 2-thousand employed U.S. adults divided evenly by generation finds that of those who aren’t there yet, 54% believe they’re on their way and will financially “make it” during their lifetime.
- More millennials than any other generation think they’ve already reached financial success (34%), while only 27% of baby boomers.
- So, what’s getting in the way of people’s financial goals? Things beyond their control, including the results of the presidential election (46%), interest rate changes (45%) and the job market (42%).
- More than half (54%) of those surveyed feel like it’s harder to make it financially today than it was for previous generations.
- The top barriers to getting there financially include the high cost of living (42%) and inflation (26%), as well as their own spending habits (7%).
- On top of it being harder to “make it” today, what it looks like now is different than in the past, and 79% say their own definition of “making it financially” has evolved over time.
- Respondents say owning a home (78%) and a vehicle (64%) are necessary to be financially successful today, but things that were key indicators for their parents, like having kids (40%) or getting married (34%) aren’t as important now.
- So, the real question is how much money does it take to feel like you’ve made it financially? According to the survey, an average net worth of $234-thousand.
Source: Talker