What 'Making It' Actually Means Financially for Gen Z, Millennials and Boomers in 2026
“Making it” isn’t based on a net worth target. The way you feel about your financial situation and long-term goals plays a key role in shaping how you feel about your progress, and it’s different for each generation.
Baby boomers are either approaching retirement or are deep into their retirement years. Millennials and Gen Z still have a ways to go before retiring, but Gen Z is earlier in the career-building journey.
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That’s the gist, but getting the full picture of what “making it” actually means financially for each group requires a closer look.
How Each Generation Differs
Each generation has different goals based on the social climate, economic conditions they had when they were younger and other factors. Shavon Roman, chief money strategist at Heal Plan Invest, explained what "making it" means to each generation.
Gen Z
“For Gen Z, they want to have an impact in the world and the freedom to do what they want with their time and not be restricted to a clock and tied to a desk,” Roman said.
It explains why some Gen Zers are willing to walk away from higher paychecks to have more flexibility. A grueling, all-day job likely doesn’t cater to this group as much as millennials and boomers. Gen Zers were also born during the gig economy boom, which makes it more feasible for them to pursue alternative career routes.
Millennials
“For millennials, they are usually showing their success in their lifestyle. Their homes, their cars, their clothing, where they send their children to school, it is all usually a sign that they've made it financially and that they are able to have all of those discretionary expenses and luxury items,” Roman said.
Baby Boomers
While Gen Z and millennials are still in accumulation stages, boomers focus more on preserving their finances.
“Boomers are looking for security. Their homes are paid off. They have no credit card debt. They have a clear strategy for retirement and what it looks like. They also know that their focus is on what legacy looks like for them,” Roman explained.
All generations have to navigate rising costs. Boomers are the most prepared but also have fewer recovery options since they rely on fixed income and may have a hard time reentering the workforce if they have been retired for a few years. Millennials and Gen Z still have long careers in front of them, but a more difficult path to homeownership, with the median age of homebuyers currently sitting at 59, according to the National Association of Realtors.
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Unique Obstacles for Each Generation
Each generation faces obstacles that get in the way of their visions of “making it.” Cody Schuiteboer, president and CEO of Best Interest Financial, laid out which factors have outsize influences for each group.
Gen Z
“As far as Gen Z goes, the biggest obstacle to financial success lies in the disparity between their earnings and housing costs in economically successful areas. In particular, a 10% down payment required for a $400,000 property equals $40,000 in cash at closing, even before taking closing costs into account. A young person earning between $55,000 and $65,000 per year while also dealing with student loans will struggle to save this amount with little to no room left for financial mishaps,” Schuiteboer said.
Millennials
Millennials are also navigating student debt. It’s hard to make any progress on the principal with all of the interest payments, and that has had an effect on long-term financial goals.
“Millennials entered a competitive job market where the value of education wasn't equal to the tuition prices charged at the time,” Schuiteboer explained. "Student debt creates a barrier between financial freedom and success by limiting monthly budgets for mortgage payments and investing."
Baby Boomers
Boomers aren’t as worried about homeownership, but healthcare becomes a major concern at that age.
“Healthcare costs and sequence-of-returns risk are the two main problems impacting Boomers' financial security in retirement. This generation needs to prepare for medical expenses in case of a health-related emergency. This financial issue impacts many Boomers who thought that their plans would provide enough money to live comfortably in retirement, but discovered that their assumptions proved false,” Schuiteboer said.
Each generation faces different challenges. Setting realistic expectations, being adaptable and making smart money choices will increase your chance of “making it” and achieving long-term financial goals.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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