Fear Over Their Financial Future is Spurring Gen Z to Save for Retirement
New research shows that Generation Z — individuals born between 1997 and 2012 — are “outpacing” earlier generations when it comes to contributing to retirement. According to an article by The Guardian, these young adults have “more than three times more assets in their 401(k) retirement savings accounts than Gen X households had at the same time in 1989, adjusted for inflation.”
It went on to say that Gen Z is doing a “remarkable job saving for retirement with many putting away as much as 20 percent of their income towards the future.”
It seems fear over their financial futures is spurring Gen Zers to save more than previous generations. After all, the oldest members of this generation can remember the hardship of the 2009-2010 financial crisis, they all lived through a global pandemic and its impact on inflation, and, as heavy social media users, their accounts are filled with frightening news stories that could impact their financial futures.
Saving for retirement should be commended, but it’s easier said than done. The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
