Gen Z Saves Less, Feels Better About Retirement

Gen Z saves less money than older groups due to inflation, but remains more optimistic about having enough to get by in retirement, study shows.

A young man works on his computer.
(Image credit: Getty Images)

Inflation hits everyone differently, but for some Americans, the high cost of goods and services means cutting back on long-term financial goals. 

In October, Bankrate released a new study that surveyed over 2,500 US adults across multiple generations. They found that younger generations tend to be more optimistic about saving for retirement despite most estimating that over $1 million would be needed to retire comfortably. Are younger generations right to be optimistic or could they face regrets on reduced saving as they age?  

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Seychelle Thomas
Contributing Writer

Seychelle is a seasoned financial professional turned personal finance writer. She’s passionate about empowering people to make smart financial decisions by combining 10 years of finance industry experience with solid research and a wealth of knowledge. Seychelle is also a Nav-certified credit and lending expert who has explored money topics such as debt consolidation, budgeting, credit, and lending in her work for publications including GOBankingRates, LendEDU, and Credible.