A new survey by financial firm Empower has revealed that Gen Z’s views on financial success are vastly inflated. According to the study, Gen Z believes an annual salary of nearly $588,000 and a net worth of $9.47 million are required for financial success. However, these figures are far beyond the reality for most Americans.

For context, earning over $500,000 annually would place someone in the top 1% of earners in 32 out of 50 states. This stark contrast highlights how unrealistic Gen Z’s financial expectations are when compared to the actual income distribution in the United States.

The rise in these inflated expectations can be attributed to the influence of social media, where curated images of wealth and success often omit the hard work and financial struggles behind them. This selective portrayal fosters unrealistic expectations, leading to disillusionment when reality doesn’t measure up.

While Gen Z’s expectations are high, they are also more optimistic about achieving financial success than previous generations. Seventy-one percent of Gen Z are confident they will succeed financially in their lifetime, a slight increase over Millennials (70%), and significantly higher than Gen X (53%) and Baby Boomers (45%).

Despite this optimism, a majority of Americans—59%—believe happiness, not wealth, is the true measure of financial success. Additionally, many prioritize practical milestones such as consistent bill payment, homeownership, and retirement planning.

For Gen Z, aligning financial expectations with reality will be key to achieving long-term career and financial success. As they enter the workforce, it’s important for them to focus on developing valuable skills, networking, and negotiating their salary to build a stable financial future.