Young workers are saving more for retirement than other gens have. According to BlackRock, 18-25-year-olds are saving on average 14% of their income for retirement compared to 12% for older Millennials, Gen X, and Baby Boomers. Yet, the total share of Americans who think they are on track with their retirement savings has fallen to 63% from 68% in 2021. Reasonably, retirement confidence for Gen Z and Millennials is down, but Gen Z is feeling the best about their finances, with 69% having confidence in their savings compared to 65% for Boomers, and 60% for older Millennials and Gen X. Experts are pondering the data, claiming the possible reasons behind Gen Z’s larger retirement contribution is that they grew up watching their parents struggle through recession and wish to prepare themselves for losses down the road. YPulse research shows retirement benefits are a top priority for young job seekers and 46% of 20-38-year-olds are saving for retirement, while 56% think they’ll be able to save enough money for retirement. (CNBC)
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