Forget Fame and Fortune—This Is What Success Really Means to Most People

Key Takeaways

• Young adults consider success to mean living without debt (64%), supporting a family (60%), and being able to afford a lifestyle without stress (58%).
• Living within your means, paying off high-interest debt, and building emergency savings can all help pursue these goals.
• To support a family, research shows that focusing on materialism is less important to children’s well-being and happiness than strong emotional bonds with parents.

According to a survey released by Citizens Financial Group, fewer than 40% of young adults expect to be more successful than their parents, and only 26% want to climb the corporate ladder.

Instead, they’re redefining what success means. Rather than fixating on a certain job title or income level, they’re most interested in three markers of success: living without debt, supporting a family, and being able to afford a lifestyle without stress.

1. Living Debt-Free

With over 100 million adults in the U.S. carrying some credit card debt, it isn't surprising that 64% of young adults rated living debt-free as a top measure of success. To work toward living debt-free:

• Build emergency savings: Without savings to cover unexpected expenses, even a $500 car repair can grow by hundreds of dollars in interest payments. Start putting money into a high-interest savings account, even if it’s just $25 to $50 per month, to build a cushion for emergencies.
• Pay off high-interest debt: There are many options for paying off high-interest debt like credit cards. Consider using the snowball or avalanche methods or taking out a debt consolidation loan to simplify your payments.
• Have a plan: Think strategically about debts you do take on. If you have student loans, look into an income-based repayment plan. If you get a mortgage, look at potential monthly payments, not just how much the bank will approve you for.

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2. Supporting a Family

Supporting a family was a top marker of success for 60% of study participants. But with the latest estimates showing that the average cost of raising a child from birth in 2015 to age 17 was $310,605, it can feel like having a family is only possible for the already-wealthy.

However, you don't have to provide kids with every possible good or opportunity to be a good parent. Instead:

• Live within your means: Living within your means isn't just a way to avoid debt. It can also reduce your everyday financial stress, which can lead to improved behavioral outcomes for your children and increased enjoyment of family life.
• Pursue work-life balance: For some parents, too much focus on materialism can create weaker relationships with your kids. While there's nothing wrong with working to provide for your loved ones, supporting a family doesn't need to mean pursuing career and income growth at all costs.
• Know what your kids need: You might feel pressured to always buy your kids the newest toy, gadget, or expensive experience. But emotional bonds and playful moments with parents are more important to children's happiness than material goods.

3. A Lifestyle Without Stress

Another 58% of survey respondents ranked affording a lifestyle without stress as a top marker of success. Beyond having enough income to meet your basic needs, however, "lifestyle" is something you can choose to make as stress-free as possible. Try to:

• Avoid lifestyle inflation: If your everyday costs are always increasing, your current income will never feel like enough. Plus, lifestyle inflation can put you in a precarious position if you lose a job unexpectedly.
• Consider new expenses carefully: Before taking on new expenses, think about whether you really need them. If your family manages just fine with one car, is it worth a car loan or dipping into savings to get a second one?
• Know what’s enough: Just because you can afford something doesn’t mean it’s a worthwhile purchase. A bank might approve you for a $600,000 mortgage. But if you don’t need that much house, why pay for rooms you won’t use, larger heating and repair bills, and extra hours of cleaning? Instead, buy only as much house as you need and will enjoy on a daily basis.