Almost 1 in 3 Gen Z Workers Aren’t Doing This
It looks like retirement is out of sight, out of mind for Gen Z. According to Bankrate and a new survey from Bankrate shows that over the past two years, 31% of Gen Z workers haven’t saved for retirement. Bankrate spoke to 2,312 US adults in September, with 167 of those being Gen Z workers.
The survey found:
- 24% of Gen Z and about 23% of millennials have saved nothing in 2021 or 2022
- 30% of Gen Z feel behind in their savings
- 10% of Gen Z decreased their contributions to their retirement accounts, but 30% said they’re contributing more
- 43% of Gen Z said inflation and a higher cost of living was holding them back from investing
- 55% of all survey participants say they “feel behind” on their retirement savings
Bankrate analyst James Royal says there’s many reasons why Gen Z hasn’t been saving for retirement, especially with inflation and wages not really increasing, leaving them feeling “more squeezed” financially. Plus, younger workers that are just starting out in their careers may not see saving for retirement as one of their priorities right now, even though they should be.