Gen Z, Millennials Not Keen On Saving For Retirement, Right Now
More than 40% of workers aged 18 to 35 believe that saving for retirement is unnecessary until things "return to normal," according to a recent retirement planning study.
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Arizona; Phoenix — For millennials and the oldest members of Gen Z in the United States, growing wealth inequality, soaring student loan debt, unaffordable housing and stagnant wages were major concerns.
Housing costs have increased, and inflation is at an all-time high. There has been a deepening sense of dread for many people as a result of the events that have taken place during these past two years.
This may explain why 45% of workers aged 18 to 35 believe that saving for retirement is unnecessary until things "return to normal," according to the 2022 State of Retirement Planning study by Fidelity Investments.
Rita Assaf, vice president of retirement at Fidelity, said, "To this group, retirement seems like a very long way away, and they have more immediate concerns." One of the most important things you can do for your financial well-being is to begin saving for retirement as soon as possible.
Some good news came out of the study for 2,622 Americans of all ages with at least one investment account. More than 79% of Americans believe they will be able to retire when they want. Baby boomers, Gen Xers, millennials and some Gen Z have the most faith in their ability to achieve their financial objectives.