A growing share of Gen Z adults don't think they'll retire: only 20% are saving for it

Published On Oct 18, 2024, 6:00 AM

A recent report highlights that many Gen Z adults, specifically those aged 27 and below, are skeptical about traditional retirement, with only 20% saving for it. The high cost of living, debt, and inflation pressures are key factors contributing to this outlook. About 29% of Gen Z are living paycheck-to-paycheck, which limits their ability to save for future financial stability. Despite these challenges, a majority are aware of the importance of saving, with some opting for 401(k) plans. Nevertheless, their focus is often on maintaining current financial flexibility rather than planning for retirement.