When it comes to Generation Z and retirement, they are giving financial experts reason to believe they are taking their future financial situations seriously.
While it might be the opinion of older generations that Generation Z and retirement planning aren’t something to look at with optimism, there is data to show that the kids are going to be all right.
This generation of young people is looking to the future with idealism – but they are also wanting to set their own course. They want benefits that support their individual needs and values – and they are likely to seek professional help when it comes to their finances.
Generation Z financial traits
A study in May 2022 by People Keep indicated that many Generation Z workers are financially literate – and interested in benefits that reflect health, wellness and balance. Also, in the survey, Gen Z showed the most interest in financial literacy with 30 percent – Millennials were in second place with 28 percent.
As for Generation Z and retirement, they are also interested in having their employers help with student loan debt – which can help save for retirement long-term.
And in a study by the Investment Company Institute, Gen Z seems more interested in building retirement savings than other generations. The study showed that of the Gen Z households surveyed, 34 percent were participating in a defined benefit plan, a defined contribution plan or an IRA – compared with about half of Gen X when they were that age.
The bottom line is, retirement savings seem to really matter to Gen Z – which is welcome news in a world where planning for the future is critical to a happy and healthy retirement.
Do you still have questions about retirement planning options?
Follow us on LinkedIn and Facebook!
If you have other questions about retirement plan loans, email us or call 937.308.0758.
Recent Comments