According to the upcoming Center for Generational Kinetic’s Annual State of Gen Z study, 70% of Gen Z respondents stated that it's important to invest now so they can retire in the future while 45% of millennials are putting off saving for retirement.
A split between generations of Americans is beginning to form when it comes to saving for retirement.
“What our research shows in multiple studies is that Gen Z is actually saving money," Gen Z Researcher Jason Dorsey told Yahoo Finance "They're trying to hold on to the money that they were going to spend. It's very, very shocking, particularly when you compare it to millennials.” Sierrah HudsonTanner, Zahn Hagen and Maceo Matrix Sicam attend the WE Drive-Ins x ConnectHER Media Group Gen Z Influencer Night At The Movies on April 5, 2021 in Santa Monica, California. Millennials have lived through two major recessionary events during prime earning years: first the Great Recession in the late 2010s and now the pandemic-induced recession in 2020.
And although some millennials are in their 40s and have recovered from the 2008 financial crisis in terms of employment, they haven’t in earnings, according toDorsey pointed out that Gen Z was the No. 1 generation to lose their job during the pandemic, which he said was "a big deal."“They had the least leverage or relationships in their work environment," Dorsey explained.
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