Press

February 19, 2024

Natalie Colley, Senior Lead Advisor at Francis Financial, explores the financial psyche of millennials, revealing their aspiration for a $525,000 annual income to achieve happiness. This staggering figure, highlighted in a 2023 study by Empower, significantly surpasses the national median income for millennials, pointing to a deep-rooted disparity between their financial desires and the broader economic landscape. Colley’s analysis brings to light the broader implications of such financial expectations on personal contentment and societal norms.

Colley’s commentary navigates through the intricacies of income perception among different generations, noting that millennials’ desired income far exceeds that of Gen Z, Gen X, and Boomers. She points out the discrepancy between public perception and reality, where the majority overestimate the earnings of others, contributing to inflated income aspirations. This misalignment raises questions about the impact of societal and economic factors on millennials’ financial outlook and the psychological underpinnings of income satisfaction.

Through her examination, Colley advocates for a more grounded approach to financial planning, urging individuals to tailor their income goals based on personal needs and realistic benchmarks rather than societal expectations. She underscores the necessity of a detailed financial plan, linking it to increased happiness in financial matters. The article serves as a call to action for millennials to reassess their financial goals, focusing on achievable targets that align with their actual lifestyle and long-term aspirations.

Read full article here.