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WHAT MATTERS NOW™ Insights from the Middle

At TruStage, we believe that by listening to middle-income American credit union members and sharing insights with you, we can serve them better together.

Each year, we engage in over 2 million conversations with credit union members from a database of more than 65 million members.

In our quest to form a richer understanding of what matters now to middle-income America, we invited people from across the country to participate in a weeklong online photo journaling discussion with us. They openly discussed their view of success, their worries and their finances. They shared their photos and let us look into their lives. From there, we quantitatively surveyed thousands more from across the country to ensure that what we had heard were true “Insights from the Middle.”

One very rich area of discussion was how middle-income America defines success. The answers may not be what you expect. Success is not about accumulating wealth or getting promoted at work. Success is far more personal and centered around relationships with and responsibility for the ones they love. By understanding and supporting their personal measures of success, we can make stronger connections and drive deeper feelings of loyalty.

Here you'll find generational insights from across middle-income America.

How Middle-Income America
Defines Success[1]		 Personal top 3* Agree**
Raising my child/children to be good/happy/capable adults 38% 78%
Having a great relationship with my spouse/partner 36% 81%
Having enough money to be financially stable 33% 83%
Staying in good health 33% 87%
Strong relationship with God 31% 69%

Take a deeper look at how these values come to life for these different generational segments. Click or tap the group you'd like to know more about.

AT A GLANCE
Born: 1977—1994
Currently aged: 21—38 in 2015
The economy has not made it easy for Millennials to enter adulthood. Even if they can afford to go to college, finding rewarding work after graduation is harder than ever. Despite these challenges, Millennials are retaining the optimism so often associated with youth. Their future is full of potential and opportunity. They are more likely than other generations to find risk-taking exciting (57%), to strive to achieve a high social status (43%), consider themselves sophisticated (60%) and like to impress others (41%).[2]
57%
find risk-taking exciting
43%
strive to achieve a high social status
60%
consider themselves sophisticated
41%
like to impress others
like to impress others
consider themselves sophisticated
strive to achieve a high social status
find risk-taking exciting
“We made a hard decision to be apart from each other right now with the goal of our future in mind, it’s not easy to have your husband a half a world away but the rewards will pay off in the long run.”
(Willa, Millennial)
“I only have one life to live and I want it to be full of happiness, adventure and love.”
(Jeanie, Millennial)
SUCCESS AND MILLENNIALS
The recession has left this generation with more than high student loan debt and unemployment. It’s also delaying their decision to marry. Only 26% of Millennials are currently married, compared with Gen X (36%) and Boomers (48%) at the same age. Many feel they lack the “solid economic foundation” that marriage requires.[6] However, many Millennials still have financial responsibility. More than half have children (55%) and 22% have a mortgage.[2] And in fact, many Millennials say they would define personal success on the basis of their ability to raise happy children who will be pursuing their passions—and this was true not only of those who have children today but also those who envision having children in the future.
Millennial Middle-Income America[1]
76%
35%
agreed “Raising my child/children to be good/happy/capable adults” defines success
said it is one of the top 3 ways they define success
At this early stage of parenthood, success is somewhat broader and more idealistic than it is for Gen X and Boomers. It’s more about fostering personal enrichment for their children.
“I want to look back and feel that I provided them with opportunities and life skills that I never had. I want to feel that I was able to help [my children] achieve their goals and encouraged them to pursue their passions.”
(Billy, Millennial)
“Success for me is from a parental standpoint. To see my children grow up and become responsible adults and achieve their goals.”
(Ginger, Millennial)
Like the other generations, Millennials aspire to financial stability. For them, that primarily means eliminating debt. Many feel the burden of student loan debt in particular—42% of all 18- to 29-year–olds say they or someone in their household has student loan debt.[7]
Millennial Middle-Income America[1]
87%
36%
agreed “Having enough money to be financially stable” defines success
said it is one of the top 3 ways they define success
“Our goal is [to] be debt free. Our main focus right now is to pay off my husband’s student loan debt. // This means that we still live very simply, even though my husband’s income has increased in the last couple years.”
(Bethany, Millennial)
However, Millennials carry less credit card debt. Their average balance of $2,700 is well below the national average of $4,500, and 63% of all younger Millennials don’t have a card at all.[8]

In our qualitative research, we saw that the level of financial angst among Millennials largely depended on the level of responsibility they had taken on (children, loans, etc.) and feelings of uncertainty surrounding their income. In other words, we’re seeing many Millennials following in the footsteps of Gen X—entering the stage of life where finances can feel stretched and at risk of spiraling out of control.
“I’m fortunate not to have many fears/worries that keep me up at night. My primary concern at this point in my life is establishing the groundwork for a successful career. It’s important to me that my girlfriend and I are financially stable before we decide to start trying to have children.”
(Brooks, Millennial)
“My biggest fears and worries would have to be not being able to give my family what they want or need. It makes me scared about being unable to keep up with all the demands like the house and cars. I really worry about the future and being able to get my kids through college.”
(Katy, Millennial)
We also saw that Millennials were least likely to have a plan for how to manage their finances. This may be a symptom of not knowing what to do—41% do NOT feel confident when it comes to making financial decisions.[1] Not having a plan doesn’t mean they don’t have goals. For example, 72% of Millennials say they want to maintain a good credit score,[3] yet when 63% don’t have a credit card, they may be missing out on a traditional path to building good credit.[8]
“I live paycheck to paycheck. As for goals, it’s really hard to see past next payday and to hope to cover all the bills and debts.”
(Brian, Millennial)
Interestingly, while not a leading definition of personal success, Millennials are much more likely than other generations to believe wealth and status play a role.
Do Wealth and Status Define Success?[1] Millennials Agree** Gen Xers Agree** Boomers Agree** Millennials Top 3*
Advancing to the top of my profession 67% 47% 41% 4%
Having a lot of money 64% 46% 37% 9%
Acquiring a lot of enjoyable things 59% 37% 29% 4%
Achieving more than my parents/peers 52% 38% 42% 5%
“Financial goals are to get to making 6 figures in the next 2 to 3 years. // No plan on how to get to the 6 figures. I have just been working hard to show I deserve a promotion.”
(Amanda, Millennial)
“I hope to become a more instrumental person at my company. I hope to be in upper level management someday and would consider myself successful if I reach that goal. I understand that my goals might change later on in life, therefore I wouldn’t consider myself unsuccessful if I don’t reach that level.”
(Samantha, Millennial)


MILLENNIALS ON SUCCESS:
Comparison of top and bottom definitions of success[1]
Success Is Personal top 3* Agree**
Having a great relationship 40% 82%
Being financially stable 36% 87%
Raising good/happy kids 35% 76%
Staying in good health 26% 83%
Feeling happy with who I am 24% 85%
Owning my home 22% n/a
Success Is Not Personal top 3* Agree**
Having lots of money 9% 64%
Having a broad range of experiences 7% n/a
Traveling to other countries 7% n/a
Achieving more than parents or peers 5% 52%
Advancing to the top of my profession 4% 67%
Acquiring a lot of enjoyable things 4% 59%
* Percentage who selected this definition as one of their top-3 definitions of success
** Percentage who agree this statement is a definition of success for them

CITATIONS 1 What Matters NowTM ORC Data, 3 waves, total N=3,054.
2 GfK Mediamark Research & Intelligence, LLC, 2013 MRI Doublebase, as provided by Hiebing.
3 LIMRA, “U.S. Consumers Today – The Generations,” 2014.
4 William R. Emmons, “Generations X and Y: Facing Economic and Financial Challenges in the Shadow of the Baby Boom,” Federal Reserve Bank of St. Louis, March 6, 2014.
5 Derek Thompson, “Home Ownership in America Has Collapsed—Don’t Blame Millennials,” The Atlantic, Oct. 28, 2014.
6 Bruce Drake, “6 New Findings about Millennials,” Pew Research Center, March 7, 2014.
7 Harvard University Institute of Politics, “Survey of Young Americans’ Attitude Toward Politics and Public Service: 24th Edition.”
8 Jeanine Skowronski, “More Millennials Say ‘No’ to Credit Cards,” Bankrate.com.
AT A GLANCE
Born: 1965—1976
Currently aged: 39—50 in 2015
They’re in the stage of life that has been called the prime earning years, but the prime may feel a bit sub-prime to them given the economy. Among older Gen Xers, 62% say their income is the same or lower than it was five years ago. Many are struggling to keep up—31% of younger Gen Xers say they’re “barely keeping up” or “slowly falling behind” on their debt payments.[3] Given their life stage, financial pressures are demanding. They are the group most likely to have children at home (68%), a mortgage (44%) and a child leaving for college in the next 12 months (13%).[2]
68%
children at home
44%
a mortgage
13%
a child leaving for college in the next 12 months
a child leaving for college in the next 12 months
a mortgage
children at home
“Money is always a worry. I worry about retirement—will we ever have enough to do that. I worry about putting my kids through college or as they grow up and need things like braces and playing sports, all those things that cost money. Also now being a home owner I worry about needing to replace the roof, new carpeting, water heaters, all those household repair jobs.”
(Mindy, Gen X)
“My daughter... She is the light of my life and the center of my universe. I get to see her change every day as a result of our interactions and the life we have surrounded her with.”
(Michael R., Gen X)
SUCCESS AND GEN X
Like the other generations, Gen X’s personal definition of success is tightly linked to their children’s success. Being a connected parent is important, but they’re also looking for specific traits to define their success—children who become happy, well-adjusted adults and are on a positive path in life, able to build their own successful life relationships.
Gen X Middle-Income America[1]
69%
41%
agreed “Raising my child/children to be good/happy/capable adults” defines success
said it is one of the top 3 ways they define success
“I have two children that love and respect their parents immensely. It feels like I have done something right so far this whole parenting thing. It makes me feel good to see my kids growing up the way I would hope and with the values I would hope out of them.”
(Mark D., Gen X)
“I want to look back on life and see I raised 3 great kids that are happy, caring, smart and well-mannered.”
(Jenny, Gen X)
Gen X expressed some of the strongest emotions about money. And it’s warranted: In 2014, Gen X averaged nearly 60% higher debt levels than people their same age carried in 2000.[4] That’s despite having the sharpest drop in homeownership since the recession struck.[5]

They’re acutely aware that financial setbacks today impact their lives now and in the future. Some feel overwhelmed to the point of resignation, while others are finding new ways to stay afloat.
Gen X Middle-Income America[1]
85%
34%
agreed “Having enough money to be financially stable” defines success
said it is one of the top 3 ways they define success
“I always wonder if we will have enough to live off of in our later years. I can’t even think about sending my daughter to college or anything bigger like that. I used to make a monthly budget but stopped as it just seemed to promote fighting between my wife and me.”
(Jim, Gen X)
“With a baby on the way and my wife needing to quit her job, now more than ever increasing my income has become important to me. [In addition to my full-time job] I have a part-time position through a small IT consultant and many small side jobs repairing computers.”
(David, Gen X)
Financial stability seems to feel more out of reach for Gen Xers than other generations. Debt bogs them down and gets to be exhausting, forcing them to make compromises between what could be and what reality allows. Overall, Gen X realizes they can’t have it all and instead tries to be realistic about the money they will need in the future. A focus on paying off debt was often the first step in their plan to “finally start saving money.”
“Financial gain used to be how I would measure success. As I have gotten older, though, reality has continued to sink in and my definition has changed. Now that I have a family, financial stability is my new measure of success. I want to be able to provide a safe home for my family.”
(Mark R., Gen X)
“If I were out of debt (credit cards, loans, etc.) that would affirm my life was a success because I would be able to afford better things and not need to take on added debt to do so.”
(Mark D., Gen X)
Although middle-income Gen X is well entrenched in the working world, they do not strongly link their personal success to career success. From our qualitative feedback, many Gen Xers look at work primarily as a way to provide for their family. Compared with the other segments, they spoke less about work being a place where they found strong personal fulfillment.
Gen X Middle-Income America[1]
47%
4%
agreed “Advancing to the top of my profession” defines success
said it is one of the top 3 ways they define success
“That I have enough money (not a lot) but enough for our family to live comfortably... Also that I was not so involved in work that I could be a part of my family’s life. Sometimes these two seem to be in direct conflict with each other... real success is having both of these at the same time.”
(Jim, Gen X)
“I have always believed that my family was my career and my job was just a way to provide for what really matters in life.”
(Amanda, Gen X)


GENERATION X ON SUCCESS:
Comparison of top and bottom definitions of success[1]
Success Is Personal top 3* Agree**
Raising good/happy kids 41% 69%
Having a great relationship 35% 79%
Being financially stable 34% 85%
Strong relationship with God 30% 64%
Staying in good health 29% 85%
Success Is Not Personal top 3* Agree**
Having lots of money 7% 46%
Traveling to other countries 6% n/a
Having a broad range of experiences 5% n/a
Advancing to top of my profession 4% 47%
Achieving more than parents/peers 3% 38%
* Percentage who selected this definition as one of their top-3 definitions of success
** Percentage who agree this statement is a definition of success for them

CITATIONS 1 What Matters NowTM ORC Data, 3 waves, total N=3,054.
2 GfK Mediamark Research & Intelligence, LLC, 2013 MRI Doublebase, as provided by Hiebing.
3 LIMRA, “U.S. Consumers Today – The Generations,” 2014.
4 William R. Emmons, “Generations X and Y: Facing Economic and Financial Challenges in the Shadow of the Baby Boom,” Federal Reserve Bank of St. Louis, March 6, 2014.
5 Derek Thompson, “Home Ownership in America Has Collapsed—Don’t Blame Millennials,” The Atlantic, Oct. 28, 2014.
6 Bruce Drake, “6 New Findings about Millennials,” Pew Research Center, March 7, 2014.
7 Harvard University Institute of Politics, “Survey of Young Americans’ Attitude Toward Politics and Public Service: 24th Edition.”
8 Jeanine Skowronski, “More Millennials Say ‘No’ to Credit Cards,” Bankrate.com.
* Percentage who selected this definition as one of their top-3 definitions of success
** Percentage who agree this statement is a definition of success for them
AT A GLANCE
Born: 1946—1964
Currently aged: 51—69 in 2015
The recession has upended many Boomers’ plans for retirement. Many of those who felt okay financially before the recession saw retirement account setbacks with limited time to recover their money. On top of financial shifts, Boomers are seeing other changes in their empty nest years. Their kids are growing up and leaving home—only 23% have children under age 18 at home now. Many have been in their homes a long time (56% have lived at their current address for 10 years or more)[2] but are starting to think about what’s next.
23%
56%
have children under age 18
lived at their current address for 10 years or more
“I lost my job of 15 years. I was 62 1/2 at the time and recalled that it took me almost nine months to find employment 15 years prior. We opted for “Plan B,” put the house on the market and moved to Florida in retirement.”
(Bill, Boomer)
“Everyday I worry about money. I am optimistic that the economy will change but sometimes it’s hard. I do not feel like I am in control of my money and finances, I try to be but it’s hard. Nothing is ever left over, no savings, like we had 5 years ago.”
(Nina, Boomer)
SUCCESS AND BOOMERS
Even though most now have adult children, Boomers are even more likely to agree that success is tied to how their children turn out. Like Gen X, Boomers tend to identify specific traits that they’d like to see in their adult children that will affirm that their life was a success. And in our qualitative, Boomers were more likely to feel they have achieved success on this front.
Boomer Middle-Income America[1]
84%
37%
agreed "Raising my child/children to be good/happy/capable adults" defines success
said it is one of the top 3 ways they define success
“Success means that I raised my children to be moral, Christian and productive citizens in society.”
(Johnny, Boomer)
“I feel I imparted some of the ethics and values that my son uses in every day life.”
(Glenn, Boomer)
Like the other generations, Boomers also believe their own personal success is linked to being financially stable, which is intrinsically linked to how ready they feel for retirement.
Boomer Middle-Income America[1]
82%
32%
agreed “Having enough money to be financially stable” defines success
said it is one of the top 3 ways they define success
“Success is being able to pay your bills, buy food and live comfortably. I don’t have any regrets on my pay except I wish I would have put more into my retirement. Since I have retired and remarried my life has become so fulfilled. I am so happy and I feel I am now complete.”
(Sherry, Boomer)
“I worry about our financial future and realistically don’t ever see myself retiring 100%, but that’s fine with me. We invest regularly for retirement, but being self-employed has made that hit-and-miss in some years and we feel like we’re playing catch-up a bit.”
(Lee, Boomer)
While all generations believe a strong relationship with their spouse or partner is an indicator of personal success, two-thirds of Boomers are married.[2] Many proudly referenced the length of their marriage as proof of a strong relationship and personal success.
Boomer Middle-Income America[1]
83%
36%
agreed “Having a great relationship with my spouse” defines success
said it is one of the top 3 ways they define success
“Success for me is also defined by the relationship I have with my wife of 37 years.”
(Russ, Boomer)
“My personal success is being married for 33 years to my wonderful husband.”
(Nancy, Boomer)
Now in their 50s and 60s, Boomers are facing more chronic health issues and realizing how health is tied to success in life. They were more likely than other generations to say health is one of the top ways they define personal success.
Boomer Middle-Income America[1]
88%
37%
agreed “Staying in good health” defines success
said it is one of the top 3 ways they define success
“My health is very important to me. A definition of success would [be] for me to be pain free.”
(Nina, Boomer)
“I am taking things a day at a time. After all the medical bills, I am just trying to see how long I can go before having to file bankruptcy.”
(Jim, Boomer)


Boomers ON SUCCESS:
Comparison of top and bottom definitions of success[1]
Success Is Personal top 3* Agree**
Staying in good health 37% 88%
Raising good/happy kids 37% 84%
Having a great relationship 36% 83%
Strong relationship with God 35% 73%
Feeling happy with who I am 32% 92%
Success Is Not Personal top 3* Agree**
Having lots of money 4% 37%
Having a broad range of experiences 4% n/a
Traveling to other countries 3% n/a
Acquiring a lot of enjoyable things 2% 29%
Advancing to top of my profession 1% 41%
* Percentage who selected this definition as one of their top-3 definitions of success
** Percentage who agree this statement is a definition of success for them

CITATIONS 1 What Matters NowTM ORC Data, 3 waves, total N=3,054.
2 GfK Mediamark Research & Intelligence, LLC, 2013 MRI Doublebase, as provided by Hiebing.
3 LIMRA, “U.S. Consumers Today – The Generations,” 2014.
4 William R. Emmons, “Generations X and Y: Facing Economic and Financial Challenges in the Shadow of the Baby Boom,” Federal Reserve Bank of St. Louis, March 6, 2014.
5 Derek Thompson, “Home Ownership in America Has Collapsed—Don’t Blame Millennials,” The Atlantic, Oct. 28, 2014.
6 Bruce Drake, “6 New Findings about Millennials,” Pew Research Center, March 7, 2014.
7 Harvard University Institute of Politics, “Survey of Young Americans’ Attitude Toward Politics and Public Service: 24th Edition.”
8 Jeanine Skowronski, “More Millennials Say ‘No’ to Credit Cards,” Bankrate.com.
* Percentage who selected this definition as one of their top-3 definitions of success
** Percentage who agree this statement is a definition of success for them
ABOUT WHAT MATTERS NOWTM

At TruStage, we believe by listening to middle-income American credit union members and sharing insights, we can serve them better, together. Our research initiative, “What Matters Now™: Insights from the Middle,” helps us add depth and dimension to our understanding of what middle-income Americans want, need, fear, hope for—and how they define personal success. We invite you to explore along with us, starting with this summary.

Methodology:
We started with a deep dive into GfK Mediamark Research & Intelligence (MRI) data. This extensive syndicated study examines attitudes, behaviors and life stage information for 25,000 consumers each year. Our analysis spanned 10 years of trended results, including pre-, during and post-recession.

From there we conducted in-depth online qualitative and photo journaling among 83 middle-income American consumers in November and December 2014. These consumers were split into three groups on the basis of their generation: Millennials, Generation X and Boomers. Over the course of ten days, we asked questions to explore what matters most to them in their lives today. We also asked them to share photos (and we received hundreds and hundreds of photos, giving us a rich snapshot into their lives.

Finally, to further quantify and validate what we heard in qualitative, we conducted separate surveys among more than 4,000 consumers using ORC’s omnibus survey system. These surveys were conducted in December 2014 and January 2015.

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