BUSINESS MATTERS
and outperformance will take you far."
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.
".... half of Americans (47%) feel they'll never achieve the level of success .... Just 37% of people consider themselves financially successful right now ...."
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 (63%), financial success is found in tangible wins: being able to pay bills on time, owning a home (52%), and 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