How do you know if you have financially ‘made it’ in life? Well, almost one-third of Americans (31%) believe they have, according to a new poll.
The survey of 2,000 employed Americans split evenly by generation revealed that more millennials than any other (34%) believe they’ve already made it.
But many also feel like they’ve nearly reached that point.
Of those who do not believe they’re there yet, more than half (54%) believe they are currently well on their way—and will financially “make it” in their lifetime.
Eight in 10 agreed that their definition of “making it financially” has evolved over time. Across all respondents asked to define “making it”, the average net worth identified was about $234,000.
What’s holding most people back from making it? The survey, conducted by Talker Research for BOK Financial, found that respondents believed there were external factors that impacted their financial goals—including interest rate changes (45%) and inflation (26%).
Another barrier—for 7% of those surveyed—is their own personal spending habits.
“Financial headwinds, like interest rates, can make it feel like it’s harder to get ahead, but baby steps are key,” said Jessica Jones with BOK Financial Advisors. “If someone is struggling to see success in their financial future, it’s important to just get started, even with a small savings account.”
Gen Z had the highest percentage of respondents who said they’re best off using money to purchase items that make them happy (20%), while older generations prioritize using money practically.
“Young people, especially, are showing an interest in understanding financial concepts, which is encouraging,” Jones said. “But there is a lot of information out there, so I encourage people to double check their sources.”
When it comes to financial advice, Americans are more interested in hearing from those who are older than them, than they are their own peers (64% vs 56%).
Though respondents are less interested in financial advice from social media (41%), 45% say social platforms influence their perceptions of what it means to make it financially.
Gen Z expressed the most interest in getting financial advice from social media (64%) and, in turn, were the likeliest to say it influences their perception of what it means to “make it” financially.