Gen Z Favors Retirement at 70
Gen Z and Millennials show strong enthusiasm for hard work, with the younger generation enjoying most of its benefits.
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Perceptions of Gen Z workers that call this generation “lazy” and “doesn’t want to work,” are looking at adults who plan to work until they’re 70. A recent survey from YouGov highlights the differences in Millennial and Gen Z outlooks on retirement.
When asked about their desired retirement age, both generations show an inspiring amount of ambition, with about 3% aiming to retire before 40. An even larger portion of Gen Z (14%) are looking for an early retirement around 40 and 50 compared to 8% of Millennials. However, a significant portion of Gen Z leans towards the traditional 61 to 70 retirement window, while the largest group of Millennials (30%) skew towards that sweet spot between 51 and 60.
Both generations show varying ranges for their savings. Fourteen percent of Millennials believe less than $500,000 is enough for a comfortable retirement, a view only shared by 8% of Gen Z. On the other hand, around 15% to 16% of both generations believe they’ll need over $2 million.
Gen Z’s ambition for hard work isn’t going to waste either, as a report from The Economist shows that they are richer than previous generations at the same age. Talk about unprecedented wealth!
The notion that Gen Z as “the first generation to be poorer than their parents” is untrue. Gen Z enters the workplace with much more favorable economic circumstances compared to other generations. Soon enough, the number of full-time Gen Z workers is on track to surpass the number of full-time working baby boomers.
If anything, Gen Z is shaping up to be the most hardworking generation. Gen Z holds different views on work and doesn’t hesitate to take on vocational careers. Many young folks are exploring other options than taking on student debt for a bachelor’s degree, and it’s clear that this generation cares about money. So, you better believe Gen Z will easily change jobs if they want better pay or better working conditions.
Of course, a recession will hit and affect young people the most, as it always does, but for now, Gen Z should enjoy life and continue to save up as much as they can for retirement.
Knives Nguyen (they/he/she), is a journalist from the Bay Area who covers entertainment, culture and student life. You can connect with them on LinkedIn: @knivesnguyen.
Edited by Nykeya Woods