Americans Say It's Harder to 'Make It' Financially Than Ever Before

By Associated Press

Published 1 month ago on

January 19, 2025

Study reveals shifting perceptions of financial success in America, with most feeling it's harder to 'make it' today. (Shutterstock)

Less than one-third of Americans feel they have ‘made it’ financially in life, according to a Talker Research for BOK Financial study. The results canvassed opinions from 2,000 employed Americans divided evenly along generational lines and found that Americans probed into what this elusive life goal means for the broad population.

Of all respondents, 31% think they’ve financially ‘made it.’ Half of those surveyed said that considering their parents’ recollections of early adulthood, it’s harder to make it financially today than before (54%).

Drawing on their years of experience guiding aspirational clients, financial advisors share their thoughts on what ‘making it’ means in today’s America.

Redefining ‘Made’ in America

Traditionally, ‘making it’ was defined by material or social signs of success, including financial security and family stability.

Yet this aspirational idea is highly subjective and dependent on myriad factors.

“The concept of ‘financially making it’ has evolved significantly over the years,” says Jason Gilbert, Managing Partner of JRGA Investment Advisors.

“What once may have been defined by a stable job, owning a home, or raising a family now encompasses a wider range of milestones, from financial independence to personal fulfillment,” Gilbert adds. “This evolution reflects changing societal norms and the growing influence of personal goals and values over traditional benchmarks.”

It is important to distinguish ‘making it’ from the mere accumulation of assets — they are not the same. Other studies show Americans set a much higher bar for what it takes to be considered rich.

For instance, in Charles Schwab’s Modern Wealth Survey 2024, with responses from 1,000 Americans ages 21 to 75, the average American says having more than $2 million is enough to feel wealthy.

Vishal Kumar advises tech professionals in the Bay Area. He says he’s not entirely surprised by these survey results.

“They highlight some interesting points worth unpacking,” says the Twin Peaks Wealth Advisors Partner. “What constitutes ‘making it’ has become increasingly elusive, especially in high-cost areas like San Francisco. The rapid wealth creation in tech has raised the bar, making traditional markers of success seem inadequate.”

Indeed, in the Schwab survey, San Francisco residents said a net worth of $4.4 million needed to be considered wealthy — the highest among any major city.

“Success should be defined by your individual circumstances and aspirations, not by comparing yourself to others in the tech industry,” Kumar says.

Economic Factors Impacting Financial Goals

Macroeconomic conditions also impact one’s ability to get ahead. If a rising tide lifts all boats, stormy economic weather can set many off course. Economic volatility since the pandemic has shown this. Last year, for instance, saw the savings rate fall to near-record lows amid economic uncertainty.

Americans believe external factors can impact their financial goals. When Talker Research asked respondents which factors have the biggest impact on their financial goals, respondents cited presidential election results (46%), interest rate changes (45%), and the job market (42%).

Advisors offer nuance to these findings.

“The results of an election are not important historically, especially when you look at the stock market,” says Lamar Watson, Founder of Dream Financial Planning.

“Interest rate changes can have a real impact on consumers, especially with home affordability,” he says. “The job market can really impact financial goals. If unemployment is high, it gives companies the ability to not increase wages.”

Despite these influences, it is crucial to maintain sight of the bigger picture.

“Don’t let the daily news dictate your investment and savings decisions,” cautions Michael Rosenberg, Founder of Diversified Investment Strategies. “Each day brings a new headline — whether it’s about war, crime, government spending, or some other crisis, and while these events are important when it comes to your finances, they’re mostly ‘noise’ that should be ignored.”

Gilbert instead encourages clients to focus on what they can control.

“Savings rates, spending habits, and long-term investment strategies,” he explains. “Staying informed about the economic landscape is important, but obsessively reacting to news can lead to short-sighted decisions.”

Defining Personal Success

Regardless of your geography or profession, high net worth financial advisors recommend following your own path rather than pursing societal ideals of success.

“While useful to some extent, the concept of “making it” can sometimes add undue pressure, as it’s inherently subjective and varies from person to person,” says Gilbert.

While monetary milestones (like liquid net worth or home ownership) can motivate, they can’t replace creating a sustainable, fulfilling lifestyle. This will mean different things to different people. It might mean prioritizing debt reduction, building emergency savings, or finding a work-life balance.

Ultimately, be it career satisfaction, family time, or pursuing hobbies, every individual can ‘make it’ if they define what ‘it’ is for them.