New study finds that Gen Z is doing well on retirement savings

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What’s going on:   

A recent survey from TransAmerica Center for Retirement Studies revealed that workers aged 18-25 already had a hefty $33,000 stashed away in their retirement accounts, which is a promising sign of intergenerational retirement preparation.  

“Gen Z is extraordinary. It’s extraordinary that 67% are saving — of those who are offered a plan,” TransAmerica President Catherine Collinson told Yahoo Finance Live.  

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Why it matters:  

Although the younger generation has fairly good retirement savings, they’re unsure if they really do.  

Surveying workers from all generations, the results revealed a collective anxiety regarding retirement savings: the COVID-19 pandemic has created a precarious financial situation, and most aren’t sure if they’re on track to enjoy a comfortable retirement. 

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How it’ll impact the future:  

The pandemic created financial unrest, which has led to workers across generations wanting to save more than ever before.  

The survey unveiled that paying off debt (59%), saving for retirement (56%), and setting aside emergency savings (40%) are the top three financial priorities. 

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