“Then Work for It”: Millennials Want Salaries of Half a Million Dollars in Order To Be Happy, According To Survey

William FurneyNov 28, 2023

Minute Read

Millennials had better hope they picked the right college degree subject, because according to a new survey, they need an annual salary of more than half a million dollars to feel happy with their lives. And there are not many jobs that pay such a hefty sum.

Money as Happiness

In a new survey by Greenwood Village, Colorado-based financial services firm Empower, millennials said the price tag for their financial happiness was a whopping $525,000 in wages per year.

Millennials’ Desire for More

The survey suggests that Millenials — people born between 1982 and 1994 — need more money to be content than those of other generations.

Generational Comparison

By comparison, people born before Millennials were happy with far less income in order to be happy with their lives, the survey found. Gen X (1965 and 1981) needed $130,000 as their annual salary and Boomers (1946 and 1964) wanted $124,000.

Later than Millenials

But those of the Gen Z demographic, born from 1997 to 2013, would be happy with an annual salary of $128,000.

Average Salary for Happiness

The survey also revealed that in general, Americans would be satisfied with an average salary of $284,167 per year, believing it was sufficient to have a comfortable life. Men, however, wanted more ($381,000) compared to women ($183,000).

‘Serious Financial Mistakes’

People reacted with astonishment to the amount of money Millennials would need to be happy. One wrote on X, formerly Twitter: “You made some serious financial mistakes if you need that much annual income.”

‘Work for It’

Another person on X said about Millennials’ desire for a massive salary: “Then work for it. Start paying your student loans first.” And one person simply said: “Millennials, stop voting Democrat.”

Average US Salary

Image Credit: Dennis Diatel / Shutterstock.

Salaries depend on a person’s level of education, position, age and experience. But it’s still possible to work out an average — financial magazine Forbes estimates it’s $59,428 across the United States, meaning many Millennials might not be so happy with such a sum.

US Minimum Wage

In more distressing news for money-hungry Millennials, the US federal minimum wage is just $7.25 per hour, according to the US Department of Labor.

Tipped Salaries

And if Millenials happen to find themselves working in a bar or restaurant and are on a tipped salary — meaning most of their earnings come from tips but with a guarantee their employer will make up the difference if they don’t get enough tips — they’re paid a mere $2.13 per hour.

Deep in Debt

With the average American having $101,915 in personal debt, according to consumer credit reporting firm Experian, it’s no wonder that they may be feeling unhappy despite large salaries — or at least the desire to have more pay than they currently have.

Limited Funds

The Empower survey also found that more than half of those who took part said they were carrying a substantial amount of personal debt. And over one-third (36 percent) would struggle to pay a bill of over $500.

‘Financial Distress’

The majority of respondents (73 percent) admitted they were experiencing “financial distress” amid soaring costs of food and fuel in part caused by the ongoing war in Ukraine.

Big Worries

Most people (81 percent) were worried about the economy and rising inflation, followed by 66 percent who were concerned about interest rates and their impact on loans and mortgages. Another 32 percent were fretting about student loans and their ability to pay them back.

Delayed Retirement

With all the financial pressures people are facing, many said they were planning to keep working past retirement age so they could pay their bills, and also possibly help out children in the family who were also struggling, especially to buy their own homes.

Working It Out

Empower said in an article accompanying the survey results that Americans were still trying to figure out how to manage their finances — and if, in fact, money does buy happiness after all.

‘Some Luck’ Involved

Empower said: “Every generation has grappled with questions of how to calculate financial happiness: hard work, a lot of planning, consistent savings, and even a little bit of luck, in just the right measures.”

‘Bright Future’ for Americans

The company added: “What’s clear is, a spirit of financial confidence prevails with seven in 10 saying they have clear financial goals (68%) as Americans continue to envision a bright future.”