A record 1.4 million Gen Zers opened up retirement accounts at Fidelity Investments, according to third quarter data from the firm — almost double the number of investors in this generation from the year before.
Generation Z, the babies born between 1997 and 2012, aren’t too young to start thinking about retirement, the latest Fidelity data show.
Meanwhile, other retirement savers stayed the course, even when the market fluctuated, the research found. IRA balances ticked slightly upward while the average account balance for 401 and 403 plans declined moderately from the quarter before. Still, these investments are meant for the long-term, which means investors with decades to go before retirement should avoid panic-selling when the market moves.
What’s more, fewer people made changes to the investments within their 401 plans — something financial planners typically advise against in volatile markets when investors may be overcome with stress or emotion as balances dip.
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