Secret to Success

Is there a secret to financial success? Most Americans (52%) say “yes” – and the average salary considered successful is $270,000 per year, and $5.3 million in overall net worth. 

But it’s not just money—it’s what money can buy. Just 27% rank wealth as the highest measure of financial success. Rather, most Americans say happiness (59%) is the most important benchmark – being able to spend money on the things and experiences that bring the most joy, doing what you love, followed by the luxury of free time (35%) to pursue personal passions.

People say success is about the “Factor of Four”: hard work (84%); talent (65%); who you know (55%) or The Network Effect; and luck and circumstance (51%). The secret is to be a visionary (36%) – and then outwork everyone (32%), a belief held most firmly by those with incomes over $100k, rising to 40%. Pay yourself first, say over one third of people (35%), by putting money away and saving for retirement. For 1 in 5 younger generations (Gen Zers and Millennials 19%) a secret to success is ‘fake it ‘til you make it.’  

Still, nearly half of Americans (47%) feel they’ll never achieve the level of success they’re seeking. Just 37% of people consider themselves financially successful right now – with higher numbers of men than women (42% compared to 33%). Only half (50%) of people state they are or will be better off financially than their parents, a long-held meterstick for generational success.

Barriers to success

More than one third say the economy (35%) and income instability – irregular or insufficient income streams (30%) is a culprit, along with lack of knowledge about managing finances (20%). Nearly a third say the biggest obstacle to success is not setting clear financial goals (28%). Over 1 in 4 (26%) say procrastination or delaying financial planning or decision-making gets in the way. People see a lack of savings (35%), overspending and not budgeting effectively (37%) and debt (36%) as barriers to success. 

Despite hurdles, most Americans (58%) believe that they will achieve financial success in their lifetime, with the younger generations most optimistic (Gen Z 71%, Millennials 70%, Gen X 53% and Baby Boomers 45%).  

Despite hurdles, most Americans (58%) believe that they will achieve financial success in their lifetime, with the younger generations most optimistic (Gen Z 71%, Millennials 70%, Gen X 53% and Baby Boomers 45%). 

Success, realized

For most people, financial success is found in tangible wins: being able to pay bills on time (63%), owning a home (52%), affording experiences like travel and entertainment (47%). For 40%, it’s about retiring at a goal age – and while they are working, enjoying the job (42%). 

Having a financial plan (45%), building up retirement plan savings like 401(k) investments (30%), and investing in stocks (27%) are top money moves people say propel greater success. One in 3 people (30%) say getting good financial advice is worth its weight in gold.  

More key findings from Empower’s report, “Secret to Success”: 

• Making it: People say the surest path to success is a well-paying job (51%), saving as much as possible and the power of compounding (46%), along with making smart investment decisions (46%). Some 36% say it’s financial education. People reveal that a secret to success is never spending more money than you make (52%).
• Risking it: Nearly 1 in 4 (23%) say taking risks is an important money move to get richer. A third (34%) believe success means prioritizing your efforts because Time is Money.
• Society says: Americans say their personal definition of success is often at odds with what society prizes. Less than half of people (43%) define financial success as having a certain amount of money or assets. Conversely, people say society equates success with wealth (59%), power (44%), and fame (35%). Just 6% say they value “power” as a measure of success for themselves.
• Success through the ages: Almost half of Americans (49%) feel less financially successful compared to others. 60% say that for their generation, financial success is much harder to achieve than for other generations – a sentiment highest among Millennials at 69%, and lowest among Boomers at 49%. Still, the definition of success may be evolving, as 83% agree that each generation has its own idea of success.
• Success is in the eye of the beholder: Most Americans agree (71%) that there is no single measurement for financial success. One point of agreement: 61% say you can never have enough money.
• Health = wealth: Over a third say success is just as much about physical wellbeing (35%) as it is how much money they have (27%).
• More money, more problems: 47% agree with the adage “more money, more problems.” The majority (71%) say being rich has a positive connotation, and 61% say being rich is more than dollars and cents.
• Success at work: People say the definition of success at work is how much money they earn (38%), benefits like healthcare, insurance and time off (36%) – but it’s also about the intangibles: finding the right job fit that aligns with their values and personality (35%) and receiving recognition and appreciation (35%). Nearly a third say having a good boss is worth its weight in gold (29%), and people view success in the workplace as flexibility (26%) and autonomy (20%).
• The value of a degree: 35% say the college you attend is a big determinant of how rich you are (vs 65% who say it isn't).

*ABOUT THE STUDY

The Empower “Secret to Success” study is based on online survey responses from 2,203 Americans ages 18+ fielded by Morning Consult from September 13-14, 2024. The survey is weighted to be nationally representative of U.S. adults (aged 18+).