Gen Z may be known for blowing money on the latest Taylor Swift concerts or luxury trips, but behind the youth’s passion for fancy expenditures is a responsible financial habit: investing for retirement.
In fact, the younger generation may be more prepared to retire than their older cohorts. Nearly half of Gen Z workers (aged 24-28) are projected to maintain their current standard of living in retirement, slightly ahead of the 40% projected for baby boomers (aged 61-65) approaching retirement, according to a new study from investment management firm Vanguard. Millennials were also slightly ahead of the older generation (aged 29-44), with 42% on track for retirement. Gen X fell slightly behind at 41% (aged 45-60).
