08.14.22

The Silver Lining on Gen Z’s Generational Trauma

by: Megan Gerhardt

A report just released by BlackRock reveals Generation Zers are already putting an average of 14 percent of their salary toward retirement, a higher percentage than any other generation is saving right now. The rate also exceeds what millennials did at the same age Gen Zers are now. Research by Fidelity last year found that 15.8 percent of Gen Zers were investing in 401(k)s compared with 11.4 percent of millennials who did so at that life stage. Only 38 percent of Gen Zers believe Social Security will help fund their retirement, compared with 42 percent of millennials, 64 percent of Gen Xers, and 83 percent of boomers. Michael Rudolph, financial advisor for Eagle Strategies, a subsidiary of New York Life, says earlier educational opportunities to create high school financial literacy have spiked a greater interest in learning about and then acting on the idea of savings. Rudolph notes that in recent seminars with high school students, "the interest level was incredible. This did not exist 10 years ago."

Read the full article on NBCNews.com