What is "financial success"? For many Americans, it’s a $270K annual income.

A recent Empower study shows that over 50% of Americans believe there’s a “magic” income threshold for financial success — averaging $273,249/year and varying quite a bit by generation. Why? Respondents say about more than just covering basics; people aspire to freedom from financial stress, the ability to save, and enjoying life’s pleasures without compromise.

Key findings: ➡️ The majority of respondents say financial well-being requires more than meeting expenses — it’s about long-term security and lifestyle goals. ➡️ Many struggle to feel financially secure despite improving wage trends and a resilient job market.
➡️ Retirement concerns loom, with fewer individuals confident they’re saving enough, especially amidst inflationary pressures.

This data underlines a critical challenge: bridging the gap between rising wages and rising expectations. We need to think about smarter financial strategies and providing workplace benefits to help individuals achieve their goals.

What’s your take? How can we collectively redefine financial “success” in today’s economic landscape?

Source: Empower’s findings on income and financial success https://lnkd.in/gAtfb-pZ

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