Americans have high expectations of what it means to be financially successful, but many of them do not expect to meet their desired level of success, according to a survey by financial planning company Empower.
An annual salary in excess of $270,000 is needed for a person to be considered successful in the United States, the Nov. 22 survey found.
In terms of net worth, the threshold is at $5.3 million.
As The Epoch Times’ Naveen Athrappully reports, according to the Social Security Administration, the national average wage last year was $66,621. Meanwhile, the average net worth of a family in 2022 was $1.06 million, according to data from the U.S. Federal Reserve.
Amid high expectations, almost half of the respondents said they will never achieve the success level set for themselves. Currently, just above one-third consider themselves to be financially successful. Half the respondents said they are not better off than their parents, and will never be.
The state of the economy and insufficient or irregular incomes were cited by respondents as major challenges to achieving their desired level of success.
Other factors include not knowing how to manage finances, not having clear financial goals, overspending, debts, and delaying financial planning.