Here's the average salary each generation says it needs to feel 'financially healthy.' Gen Z requires a whopping $171K/year — but how do your own expectations compare?
Serah LouisApril 11, 2023
As the global COVID-19 pandemic rages on, another “health” crisis has been plaguing the U.S.
Almost 4 in 10 Americans say they feel “financially unhealthy,” as prices remain high after a year of record-breaking inflation. However, how much you think you need to get financially well may depend more on what year you were born than how much is sitting in your bank account.
Gen Z says they require an average salary of $171,633 to feel financially healthy — the highest income compared to older generations — according to a survey from personal finance company Personal Capital and retirement plan provider Empower, conducted by The Harris Poll.
How much each generation needs to feel ‘financially healthy’
Here’s how much each generation says they need to earn to feel comfortable:- Gen Z: $171,633
- Millennials: $133,758
- Gen X: $112,222
- Baby boomers: $78,317
- Gen Z: $105,299
- Millennials: $349,784
- Gen X: $566,975
- Baby boomers: $764,999
Paul Deer, vice president of advisory service at Personal Capital, theorized to CNBC that this might be connected to the housing market. Younger generations may feel they need a higher income to afford expensive mortgage rates and to plan for their retirement.
Source:https://finance.yahoo.com/news/heres-average-salary-generation-says-140000949.html