Gen Z is investing in retirement earlier than other gens. Last week research said it was vacation saving over retirement, but Gen Z is a highly diverse bunch! According to Northwestern Mutual, Gen Z is putting money aside for retirement starting at 22-years-old, six years earlier than Millennials and a decade earlier than Gen X. Gen Z is also the most confident gen when it comes to expectations about being financially prepared for retirement. Other research from Vanguard suggests Gen Z is slightly more prepared for retirement than other gens: 40% of Baby Boomers are on track to be able to continue their lifestyles after retirement, compared to 41% of Gen X and 42% of Millennials, but 47% of Gen Z is. This is in part because older gens may have missed out on changes to contribution plans that took place in the past, like auto-enrollment and qualified default investment alternatives. (Investopedia)
👀 Read more from YPulse: What Does Financial Success Really Look Like for Gen Z?
