Only 31% of Americans feel they've 'made it' financially—what's holding the rest of us back? Let's talk about redefining success in a changing world.

Less Than One-Third of Americans Believe They’ve “Made It” Financially

According to a new survey by Talker Research for BOK Financial, only 31% of Americans believe they’ve financially “made it” in life. Of those who haven’t reached that milestone, 54% remain optimistic, believing they’ll achieve financial success during their lifetime. However, the journey toward financial stability differs significantly across generations.

Millennials Lead the Pack in Financial Confidence

Interestingly, millennials are the most likely generation to feel they’ve already “made it” financially, with 34% claiming success. In contrast, only 27% of baby boomers feel the same, and of those boomers who haven’t “made it,” only a third believe they ever will.

These generational disparities highlight shifting financial expectations and challenges as individuals grow older.

What’s Holding Americans Back from Financial Success?

External Factors Impacting Financial Goals

Survey respondents identified external factors as significant barriers to achieving their financial goals:

• The results of the presidential election (46%)
• Interest rate changes (45%)
• The state of the job market (42%)

Such uncertainties reflect broader concerns about economic stability and how external forces can shape individual financial futures.

Inflation, Cost of Living, and Personal Spending Habits

A significant percentage of respondents identified these challenges:

• High cost of living: 42%
• Inflation: 26%
• Personal spending habits: 7%

Generational differences are evident here, too. Nearly half of baby boomers (48%) and Gen X respondents (47%) cite a higher cost of living as a major barrier, compared to just 34% of Gen Z. Conversely, Gen Z (28%) and millennials (30%) are more likely to feel the sting of inflation.

The Evolving Definition of Financial Success

From Net Worth to Lifestyle

The survey revealed that 79% of Americans have seen their definition of financial success evolve over time. On average, Americans believe they need a net worth of $234,000 to feel they’ve “made it.”

However, the idea of “making it” has shifted from traditional milestones like marriage (34%) or having children (40%)—key indicators for older generations—to modern achievements like:

• Owning a home: 78%
• Owning a vehicle: 64%
• Earning a college degree: 30%
• Having a long-standing career: 48%

This evolution reflects changing priorities in an increasingly expensive and competitive world.

Spending Priorities Across Generations

Younger Generations: Happiness and Family

While Gen Z (27%) and millennials (31%) spend the largest share of their money on their families, they also prioritize purchasing items that bring happiness (20%).

Older Generations: Retirement Readiness

For Gen X (43%) and baby boomers (50%), retirement planning takes precedence. Unfortunately, only 33% of baby boomers feel confident about their financial future during retirement.

Financial Advice in the Digital Age

Despite living in a social media-dominated world, 41% of respondents are not keen on financial advice from social platforms. However, Gen Z stands out, with 64% showing interest in financial advice from social media.

Across all generations, Americans prefer advice from older individuals (64%) over peers (56%), underscoring the value of experience when navigating financial decisions.

Practical Tips for Achieving Financial Success

Start Small, Start Now

As Jessica Jones from BOK Financial Advisors advises, “Baby steps are key.” Begin with small savings and build a habit of consistent financial planning.

Educate Yourself

While confidence in self-managing money is growing, especially among Gen Z, it’s crucial to verify information and seek trusted financial advice.

Adjust Expectations

Financial “success” looks different for everyone. Whether it’s homeownership, career longevity, or personal happiness, define what “making it” means to you and create a roadmap to achieve it.

Adapt to Changing Circumstances

Economic conditions like inflation and high interest rates are beyond your control, but proactive budgeting and investing can help you stay on track.

The journey to financial success is as diverse as the individuals striving for it. While fewer than one-third of Americans believe they’ve “made it,” the majority remain optimistic about their financial futures. By staying informed, adapting to challenges, and redefining what success means on a personal level, Americans across generations can work toward achieving their financial goals.

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