"Many people feel they're coming up short - with half believing they're less financially successful compared to others around them," Rebecca Rickert, head of communications at Empower, tells Axios. "The majority think prosperity is harder to achieve for their generation, which factors into the magic number people attach to success."
"Sure, groceries, student loan payments, the cost of going out to restaurants and bars all matter - but 'feeling successful' when you have to have a roommate to afford rent undermines all capacity for consumption," David Bahnsen, whose California-based Bahnsen Group manages $6.5 billion in assets, tells Axios.
"These Macro trends are exacerbated by social trends. Influencers portray false versions of reality that suggest wealth building is easy and hard work is outdated," says David Laut, CIO of Abound Financial in California. "It is widely known that comparison is the thief of joy, and this leads the next generation to feel discouraged, setting higher and higher bars as a prerequisite for happiness."
"They're concerned about increased costs of living, hyper-aware that their money isn't going as far as it used to even few years ago. Our hypothesis is this is having a major impact on what they think it takes to be 'financially successful' in our current climate," Julia Pet.
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