However, millennials say they’d need a net worth of about $1.7 million to be happy. Gen Xers would need around $1.2 million and baby boomers similarly said a net worth just under $1 million would make them happy.
Gen Z is the real outlier. Among the youngest adult generation, a net worth of about $487,000 on average would be sufficient for financial happiness, Empower found.
Net worth and salary Americans need to be happy (cnbc.com)
Also:
- Gen Z: $128,084
- Millennials: $525,947
- Gen X: $130,344
- Baby boomers: $124,165
The median annual income respondents said would make them less stressed is $95,000 a year. They currently earn a median salary of $65,000, meaning they’d need nearly a 50% raise to get there.
Financial literacy questions:
Wealth is:
A. Wealth = assets + debt
B. Wealth = assets – debt
Wealth is created by:
A. Spending money on gifts, travel, eating out and buying the latest clothes
B. Saving, avoiding excess spending, repairing, re-using instead of replacing items, buying down instead of up.
Borrowing money and going into debt makes sense:
A. For going on vacation or going out to eat
B. For buying an asset that is likely to appreciate in value
C. For buying an assets that is likely to depreciate in value
Essay Question
What is your personal strategy to save and increase your assets (i.e. create wealth)?
