Empower’s survey was fielded online by Morning Consult in mid-September among 2,203 Americans ages 18 and older.
Barriers to Success
Forty-seven percent of Americans surveyed did not feel they would ever achieve the level of success they are seeking. Just 42% of male respondents and 33% of female ones consider themselves financially successful. Only half said they are or will be better off financially than their parents.
Thirty-five percent of respondents cited the economy as a barrier to financial success, and 30% said irregular or insufficient income streams are the culprit. Twenty-eight percent pointed to a failure to set clear financial goals as their biggest obstacle, and 20% acknowledged that they lack knowledge about managing finances.
A quarter of survey participants acknowledged that procrastination or delaying financial planning or decision-making gets in the way of success. People also see a lack of savings, overspending and not budgeting effectively, and debt as barriers to success.
Despite hurdles, most respondents believed that they will achieve financial success in their lifetime. Nearly three-quarters of millennials and Gen Zers are optimistic they will do so, followed by 53% of Gen Xers and 45% of boomers.
Success Achieved
Many survey participants have found financial success in tangible wins: 63% cited being able to pay bills on time, 52% owning a home, 47% affording experiences such as entertainment and travel and 40% retiring at their goal age while enjoying their current job.
Having a financial plan, building up retirement plan savings and investing in stocks are top money moves that respondents said propel greater success. Thirty percent said getting good financial advice is worth its weight in gold.
Here are other ideas that respondents expressed about achieving financial success:
- Fifty-two percent said a secret to success is never spending more money than you make, 51% cited a well-paying job, 46% said saving as much as possible and the power of compounding along with smart investment decisions, and 36% said financial education.
- Twenty-three percent said taking risks is an important money move to get richer.
- Respondents said their personal definition of success is often at odds with what society prizes. Less than half defined financial success as having a certain amount of money or assets, whereas, according to them, society equates success with wealth, power and fame. Just 6% said they value power as a measure of success for themselves.
- About half of survey participants said they feel less financially successful compared to others. Sixty percent said that for their generation, financial success is much harder to achieve than for other generations, a sentiment highest among millennials and lowest among boomers.
- Seven in 10 Americans agreed that no single measurement for financial success exists — although 61% said you can never have enough money.
- More than a third said success is just as much about physical well-being as it is how much money they have.
- Respondents defined success at work as how much money they earn, the benefits they receive and time off, as well as intangibles such as finding a job that aligns with their values and personality, receiving recognition and appreciation, and having a good boss. They also view success in the workplace as flexibility and autonomy.
- Thirty-five percent said the college you attend is a big determinant of how rich you are, versus 65% who said this is not so.
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