US. Gen Z is stashing away 14% of income for retirement — more than older generations, study shows
Young adults may be hearing the save-for-retirement drumbeat loud and clear, a new study suggests.
Generation Z workers — defined in the study as those ages 18 to 25 — are socking away, on average, 14% of income for their golden years, according to new research from BlackRock. That compares with 12% for their older counterparts: millennials (ages 26-42), Gen Xers (ages 43-55) and baby boomers (ages 56 to 75).
At the same time, the total share of Americans who think they are on track with their retirement savings has fallen to 63% from 68% in 2021, the research shows. Plan sponsors’ confidence also is down: 58% say their employees are on the right path, compared with 63% last year.
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“Retirement confidence is down for the first time in a few years,” said Anne Ackerley, head of BlackRock’s retirement group.
“Even in the pandemic, it stayed [the same], but we’ve seen it come down across all generations due to inflation and market volatility,” Ackerley said.
Broken down by generation, Gen Zers have the most confidence in their savings (69%), followed by boomers at 65%, and both millennials and Gen Xers at 60%.
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