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Gen Z Is Banking More on Retirement Than Older Generations

This is how much the newest workforce participants are stashing away -- and why

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With inflation and the possibility of a recession on everyone’s mind, many are eager to safeguard their personal finances, especially retirement accounts.

It turns out that Generation Z workers are taking those retirement savings particularly seriously — more so even than older generations, including millennials, Gen Xers, and baby boomers, per new research from BlackRock, and there are likely several contributing factors.

Related: 6 Reasons to Pursue Entrepreneurship in Retirement

According to NerdWallet, experts generally suggest workers save between 10% to 15% of their pre-tax income for retirement; high earners should aim for the top of that range while low earners, who may count on social security to replace more of their income, usually save less.

The BlackRock study found that Gen Z workers (ages 18-25) are saving near the upper part of that range, on average — at 14% — while millennials (ages 26-42), Gen Xers (ages 43-55), and baby boomers (ages 56-75) save an average of 12%.

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