I once suggested millennials – people born between 1981 and 1996 – were the greatest generation. Of course, I made that declaration because I rely on those people to keep me employed. Also, both of my sons are millennials and I may need them at some point. Still, I was on board with that generation.
But a recent survey on how different generations view financial matters made me spit out my discount baby boomer coffee.
The big picture: According to a Harris survey, 59% of Americans believe you can buy happiness. That's an unsurprising conclusion, although it suggests that most people don't see the miserable rich in our culture. You can, of course, make the case that having more money relieves pressure and makes you less unhappy, I guess. So maybe money can make you less unhappy? I don't know.
To be fair, the answers were more nuanced than, "gimme more money." People said they wanted the ability to pay bills on time, purchase a home and live debt-free. Those are all good things, but still . . . the consensus was that more money would bring more happiness.
The coffee-spit part came when people were asked how much money they'd need each year to be happier. In other words, what annual wage would make you happy?
Those in Gen Z (born 1997-2012) said $128,000. Members of Gen X (born 1965-1980) said $130,000. Baby boomers (born 1946-1964) said $124,000. All of those figures are vastly higher than the national median family income of about $75,000 but are all similar: People born from 1946 to 1980 and those born from 1997 to 2012 all said around $125,000 annually would make them happy.
Millennials were asked the same question: How much would you need to earn annually to be happy?
Their figure was . . . are you ready?
$526,000.
Per year.
Yes. Millennials think they need a half-million dollars per year to be happy. Their amount to be happy is more than four times more than any other generation thinks they need to be happy.
What? Really?
I mean, I understand that a person would think they'd be happier if they made a half-million dollars a year, but do those millennials (the youngest of whom will turn 28 this year, so they're not children) realize that less than 2% of American households earn more than $500,000 a year? Do they think they need to be in the top 1% of all households to be happy?
I'm a baby boomer nearing retirement. I own a home and have a reasonable 401(k) account. I'm the target of the young people who insist that you could purchase a huge home while working at a fast food restaurant when I was young.
That's not true, of course.
But if you think you have to earn $500,000 a year to be happy, you probably think every boomer was rich when they were young (Adjusting for inflation, the 1985 equivalent of $500,000 was $183,000 per year. Not only did I make less than 10% of that in 1985, I'm pretty sure I had no same-age friends who made $40,000).
Money surveys are interesting. We use them to measure our standing. We use them to understand others' perceptions about "normal."
The fact that millennials (at least those in this survey) think they need to earn a half-million dollars to be happy leads to one conclusion: An overwhelming number of them will never be happy, which makes me sad.
It reminds me of the old story about when John D. Rockefeller, America's first billionaire, was asked by a reporter how much money was enough. Rockefeller replied, "Just a little bit more."
Millennials apparently would say, "just a whole lot more."
Reach Brad Stanhope, a grumpy, judgmental baby boomer, at bradstanhope@outlook.com.
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