Defining a life of significance is a personal journey influenced by age, gender, and wealth. Understanding what truly matters can help you create a roadmap to success that includes not only financial gain but also meaningful impact and fulfillment.
As Jack London said, “The proper function of man is to live, not to exist. I shall not waste my days in trying to prolong them. I shall use my time.” Many of us seek a life of significance, aiming to support the life we desire for ourselves and our loved ones. Yet, in focusing on asset accumulation, we often neglect to define what this significance means to us. A recent survey of over 1,200 individuals provides valuable insights into finding meaning and fulfillment in life.
How different generations view success
Not surprisingly, people have varying definitions of which factors constitute success. It means different things to different people, and its definition varies based on (among other things) generations, wealth levels, and even genders. Take generational differences. Some key findings from a recent survey reveal the following trends:
- For many investors (44.2%), being honest and ethical and acting with integrity are integral to their definition of success—a percentage that increases among older generations such as baby boomers (47.7%) and the WWII generation (53.8%).
- Gen Xers are more interested than other demographics in working hard and persevering (22.2%)—not surprising given that they experienced the intense transition from an analog to a digital world, making them adept at adapting to new and challenging situations. Gen Xers are also more likely than millennials to emphasize achieving a healthy work/life balance (21.7% vs. 15.3%), as many are sandwiched between raising their own children and caring for aging parents.
- Millennials place a big emphasis on making a positive impact on the world around them (24.4% vs. 9.8% of the WWII generation) and on personal growth and development (16.3% vs. 1.4% of the WWII generation).
- Baby boomers place a high level of emphasis on having integrity and living an honest life (47.7%) but much less on prioritizing continuing growth and education (just 0.7%).
Gender differences
Gender can significantly impact how people define a successful life. While having close friends and family is equally important for both men and women (around 60%), men are more likely to view a successful marriage (21.2% vs. 14.6%) and financial security (39.0% vs. 42.4%) as indicators of success. They also prioritize having children, pursuing personal goals, engaging in leisure activities, and developing a financial legacy more than women. In contrast, women place higher importance on living a healthy lifestyle, finding inner peace and happiness, traveling, spiritual fulfillment, and owning a home.
Views of Success Based on Wealth Levels
Our net worth can significantly influence how we define professional success. Investors with a net worth of $10 million to $25 million are more likely than those with $1 million to $2.9 million to define success as being respected by and respecting colleagues and peers. Those with lower net worth focus more on achieving a high income, job security, and stability, while also maintaining the work/life balance that younger investors demand. Higher net worth individuals tend to emphasize business development and educational goals more than those at lower net worth levels, though they are less likely to prioritize health and fitness goals.
Defining a Life of Significance
Achieving a life of significance means aligning your goals with personal values and priorities while continually striving for improvement and happiness. Research shows that living one’s best life often involves being financially stable, enjoying fulfilling relationships with family and friends, and maintaining good physical and mental health. Interestingly, fewer than 20% of people define success based on professional achievements. Those who have inherited wealth are more likely to see their best life as one that aligns with their values, allows for leisure activities, leaves a financial legacy, and covers unexpected expenses. As net worth increases, individuals are more inclined to view a life of significance as having a purpose greater than themselves, rather than focusing on being a good role model or nurturing family and friend relationships.
Next Steps to Consider
As you review these findings, reflect on how you define success and a life of significance for yourself. Understanding your peers’ perspectives can help clarify your own path, whether you align closely with them or differ significantly. To delve deeper, consider these action steps:
- Ask open-ended questions. Reflect on questions like, “How do I define success in my life?” and “What does success mean to me?”
- Think deeper. Probe your values, goals, and aspirations. Consider specific achievements that make you feel successful.
- Avoid self-judgment. Respect and own your unique goals and desires without judgment.
- Discuss with your significant other. Compare notes on individual and shared goals. Make and rate lists of big goals to align your paths and understand each other better.
Final Thoughts
For most of us, success isn’t solely about money—it’s also about life beyond account statements and investment balance sheets. While many of us recognize this, we may not always have a clear vision of what we want that life to look like. Taking the time to ask important, sometimes challenging, questions about what a life of significance means to you can help align your wealth with your deepest values, ensuring that your money supports what you truly care about most.
CEG Insights, Beyond Wealth: How Advisors Can Drive Organic Growth by Empowering Investors’ Best Lives, 2023
Disclosure
The information in this material is for general information only and is not intended to provide specific advice or recommendations for any individual. Integrated Financial Partners does not provide legal/tax/mortgage advice or services. Please consult your legal/tax advisor regarding your specific situation. This report is intended to be used for educational purposes only and does not constitute a solicitation to purchase any security or advisory service. Past performance is no guarantee of future results. An investment in any security involves significant risks and any investment may lose value. Refer to all risk disclosures related to each security product carefully before investing. Investment advice offered through Integrated Financial Partners, doing business as Konvergent Wealth Partners, a registered investment advisor.