New York — Despite being the land of opportunity, the American Dream remains out of reach for most Americans. A recent survey by Talker Research for BOK Financial found that only 31% of employed Americans believe they have financially made it in life. However, millennials are leading the pack in financial confidence, with 34% stating they have achieved financial success, the highest percentage among all generations.
The survey of 2,000 employed Americans reveals a complex landscape where traditional markers of success are evolving, and external factors significantly impact financial aspirations. For those still climbing the corporate ladder, there is hope, with 54% believing they are well on their way to financial success in their lifetime.
However, the picture becomes less optimistic with age. Only 27% of baby boomers feel they have reached financial success, and among those who haven’t, just one-third believe they ever will. The survey found that Americans fear their path to financial success is threatened by various external factors, including presidential elections (46%), interest rate changes (45%), and the job market (42%).
The definition of “making it” financially in today’s America has also shifted. The magic number appears to be around $234,000 in net worth, but reaching this milestone faces modern obstacles such as the high cost of living (42%), inflation (26%), and some citing their own spending habits (7%) as barriers.
“Uncertainty around the economy, politics, and other external factors can weigh heavily on people,” says Jessica Jones with BOK Financial Advisors. “And financial headwinds like high inflation and interest rates can make it feel like it’s harder to get ahead, but baby steps are key. If someone is struggling to see success in their financial future, it’s important to just get started, even with a small savings account.”
The study also found that modern markers of financial success include owning a home (78%), a vehicle (64%), and having an established long-standing career (48%). Younger generations, such as Gen Z and millennials, prioritize spending on family expenses, while older generations, like Gen X and baby boomers, focus on retirement savings.
Gen Z is also the most likely to prioritize purchases that make them happy (20%) and is confident in planning their financial future without professional help (70%). In contrast, baby boomers express the least confidence in their financial future during retirement (33%) and their ability to plan without professional assistance (49%).
