Millennials say they need $847,000 to feel ‘comfortable’ financially. Here’s how much Gen Z, Gen X and boomers want.

These numbers reveal not just dollar amounts, but the psychological realities behind money in America. Feeling “comfortable” used to mean paying bills, having some savings, and maybe taking a vacation. Now, comfort implies financial freedom, stability during emergencies, and enough room to plan long-term. Interestingly, older generations have even higher thresholds. Baby Boomers, for example, say they need nearly $943,000 to feel comfortable likely reflecting their proximity to retirement and more experience navigating financial stressors.

When asked what it takes to feel “wealthy,” the responses were even more striking. Millennials now estimate that a net worth of around $2.1 million defines true wealth. Baby Boomers set the bar even higher at $2.8 million, while Gen Z, still early in their financial journeys, came in lower at $1.7 million. These expectations show that while Americans still value wealth, the benchmarks for achieving it have shifted with inflation and economic volatility.

Despite these rising figures, very few Americans actually feel they’ve reached the goal. Only 20% report feeling financially comfortable, and a mere 11% say they are wealthy. While some are working toward these milestones, most acknowledge a significant gap between where they are and where they want to be. Nearly half say they feel behind financially, and many are unsure if they’ll ever catch up.

Interestingly, the younger generations especially Gen Z and Millennials are more optimistic. Over 40% believe they will eventually become wealthy, and more than half feel they’re on their way to financial comfort. This positive outlook contrasts with older generations, many of whom are more realistic or even pessimistic about reaching their financial goals. While optimism doesn’t pay the bills, it often correlates with motivation to plan, save, and invest.

Part of this generational optimism stems from increased financial planning. Younger adults are more likely to have formal financial plans than their older peers. Nearly 40% of Gen Z respondents reported having a written financial strategy, compared to only 26% of Boomers. That’s a significant cultural shift, as financial literacy efforts and digital tools make wealth management more accessible to younger audiences.

Still, rising expectations clash with economic reality. Many Americans are far from reaching the wealth or comfort levels they desire. The median net worth for American households remains below $500,000, and most retirees have even less saved. For context, the average 401(k) balance among all age groups hovers just above $127,000 a fraction of what people believe they need to feel secure.

When broken down by generation, the numbers are even more revealing. Boomers have the highest average 401(k) balances at just under $240,000, while Gen X comes in next with about $187,000. Millennials average around $67,000, and Gen Z, just beginning their careers, have balances closer to $14,000. Clearly, the gap between aspiration and reality remains wide, especially for those without strong employer-sponsored retirement plans or consistent saving habits.

Experts often recommend following the 4% rule: retirees should have 25 times their expected annual expenses saved to safely withdraw funds without outliving their money. That means someone planning to live on $70,000 a year would need at least $1.75 million saved. These guidelines put the survey's wealth expectations into context and highlight how many Americans may fall short unless they ramp up their savings strategies.

One reason for this growing anxiety is the rising cost of nearly everything from housing and healthcare to groceries and education. Millennials and Gen Z are also burdened with significant student loan debt, which limits their ability to save aggressively. Even with high incomes, many feel stuck in a financial hamster wheel: paying down debt, covering daily costs, and trying to save all at once.

To bridge the gap, younger Americans are turning to side hustles. Gen Z is particularly entrepreneurial, with more than half engaging in part-time gigs or freelance work to supplement their income. This flexible approach to earning reflects not only a desire to reach financial goals faster but also a recognition that traditional 9-to-5 jobs may no longer be enough in today’s economy.

For Gen X, the situation is different but equally challenging. Many in this group are balancing college tuition for children, care for aging parents, and their own retirement planning. Often referred to as the “sandwich generation,” Gen X is feeling squeezed from both sides. Despite being at their peak earning years, many have limited retirement savings and little margin for error as they approach retirement age.

Boomers, meanwhile, are navigating life after work. Though they report the highest comfort thresholds, many are now living on fixed incomes and facing rising healthcare costs. While they may have accumulated more savings than younger generations, their longer life expectancies mean their money needs to stretch further. For many, this brings added anxiety about preserving wealth and maintaining quality of life.

All of this paints a picture of a country where financial expectations have evolved faster than financial realities. Wealth is no longer simply about dollars and cents it’s about freedom, peace of mind, and stability in an unpredictable world. And as the data shows, the bar for feeling “comfortable” or “wealthy” is only getting higher with each passing year.

If there’s one takeaway from this generational divide, it’s that more Americans are becoming aware of the importance of long-term planning. Whether through employer-sponsored retirement plans, individual savings, side income, or investment strategies, people are seeking new ways to close the gap. But awareness alone isn’t enough. Financial education, policy reform, and accessible financial tools will be essential to help future generations reach their goals.

Ultimately, the rising expectations around wealth and comfort reflect more than just economic inflation they reflect emotional inflation too. Americans want more than just survival. They want flexibility, purpose, the ability to weather emergencies, and the freedom to retire on their terms. And while $847,000 might be the number Millennials cite today, the truth is that feeling “comfortable” is as much about mindset, preparation, and control as it is about cash in the bank.