Read why Gen Z is saving more for retirement than older generations

The average 401(k) balance for Gen Zers was $13K as of Q3 2024

For millennials, the average 401(k) plan balance was more than $66K at the time. It's worth noting that retirement savings goals are often much higher than what many people actually have saved.

Despite record-high housing costs, Gen Z homeownership is surging

Many Gen Z homeowners have compromised on location and tightened their expenses to make buying a home possible. In 2025, 4% of homebuyers were Gen Z, up from 3% the year before.

Researchers, experts, and retirees are finding that the 401(k) has left much to be desired

Baby Boomers, once the biggest generation, are now creating the largest wave of retirees in US history. Much of this generation is also the first to retire predominantly on the expectation that their 401(k) plans or similar tax-advantaged accounts performed well in the markets—which isn’t always the case.

Nearly 42% of Gen Z workers have shared their salary with a coworker, compared to just 19% of Baby Boomers.

Americans think they need $1.46M to retire comfortably in 2026.

American Express is targeting Gen Z, who are generally less risk-averse than older generations

Unlike Millennials, who grew up during the Great Recession in 2008, Gen Z has a higher risk appetite and has grown up with more gamified spending platforms, like online gambling and prediction markets. Analysts say Gen Z's risk appetite makes them prime targets for credit card companies like American Express that can sell younger customers on large benefits in exchange for annual fees.

Americans ages 30 to 34 have $44,800 in their 401(k) accounts on average

Americans ages 28 to 44 save about 13.5% of their pretax income on average, which is close to the recommended retirement savings rate of 15%.

Gen Z prefers hybrid work over being fully remote

Contrary to popular belief, the younger generation is more likely than their older peers to want employees in the office more often. Millennials seem to have the strongest personal attachment to remote work among the generations, with 41% of remote-capable millennials saying they would be "extremely likely" to look for another job if remote options were partly or entirely eliminated at their workplace.

In a survey of US Gen Z workers, 53% were freelancing for at least 40 hours per week

Overall, Gen Z has a pretty different attitude about work from previous generations, partly because of the economic hardship they’ve witnessed being born into the Great Recession and coming of age during the COVID-19 pandemic.

Americans are retiring later than they used to

A Gallup poll from 2022 found that the percentage of adults between the ages of 55 and 74 who are retired is declining.

Visualize America's retirement savings by age, with the median retirement savings for Americans being $87K as of May 2024.

Gen Z is drinking less alcohol than older generations.

See preferred supplements across different countries in 2025, by generation

Millennials and Gen Z typically took more supplements than other age groups across vitamins, proteins, minerals, and herbal supplements, according to 2025 data from a Global Consumer Insights Survey conducted in 55 countries. Roughly two-thirds of Gen Z respondents stated they'd taken vitamins in the past 12 months. (Some users may experience a paywall.)

Who has retirement accounts?

Though every worker wants to retire, only some have retirement accounts. Data from the Census Bureau shows those who currently own such accounts are disproportionately white and Asian men in the Baby Boomer generation, suggesting access to these crucial retirement plans is not equal. Dive into the numbers and get a sense of who has retirement accounts here.

Retirement expectations versus reality

There's a big gap between what many Americans expect to happen during retirement and what actually happens—at least according to one financial planner. In this article, the financial planner in question explores how retirement expectations can differ from reality, exploring financial considerations such as how long people expect to work part-time during retirement, and more. Read the article here.

Find out what salary makes each generation 'upper class' today

For instance, as of 2026, Gen Zers are considered upper class in lower-cost-of-living areas when they start making around $110K per year. In areas with a higher cost of living, they're considered upper class once they make $130K to $150K or more per year.

History’s largest intergenerational wealth transfer is happening in the next few decades

The founder of a multifamily office firm offers lessons on how to preserve wealth for generations from a global perspective, like educating younger family members.

Student loan debt isn’t evenly distributed across age groups

Millennials and Gen X borrowers account for more than 70% of outstanding federal student debt ($1.1T). The discrepancy is driven by several factors, including a drop in college enrollment by younger Americans and older cohorts having more years to pay off balances.

Gen X has the most student debt per borrower

Gen X is the generation that came of age in the 1980s and 1990s. A podcast episode explains how this came to be.

Only half of American workers have retirement accounts, like 401(k) plans, through their current jobs.

The average gig worker likely doesn’t have an employer-sponsored retirement plan

But just like full-time 9 to 5 office workers, gig workers can still save for retirement. An article outlines strategies for gig workers seeking to save for retirement, including different ways to think about what the money from each “gig” should go toward.

The average American contributed nearly $6,000 to a 401(k) retirement account in 2023.

A 401(k) plan allows workers to save for retirement without paying taxes until later

With a 401(k) plans you can invest more money now and let it grow with compound interest. Americans have more than $7T invested in these types of accounts.

If your job doesn’t offer a 401(k), you still have retirement savings options

Do you know more than a third of working adults aren't offered a 401(k) through their jobs? If you're part of that group, you still have options for retirement savings, including IRAs, taxable investment accounts, and more.

Gen Z eats more Chipotle than other generations

The brand’s proficiency with social media and relatively low price point make Chipotle a favorite among younger diners. Individual assembly also makes it easy to cater to various diets.

How COVID-19 brought new investors into the market

With fees removed from the equation and more time at home thanks to pandemic-related lockdowns, Americans who had never bought or sold stocks before started participating in the market. Charles Schwab dubs this cohort “Generation Investor” and notes individuals from all age ranges took part in this phenomenon. Study up here.

Annuity sales have climbed, topping $430B in 2024, as retirees look to pad their income

Retirees are seeking guaranteed income that will last for as long as they live, weather market downturns, and preserve wealth.

Gen Z is increasingly interested in running marathons

The race has become a popular event for young people. Over 12,000 20-somethings signed up for the New York Marathon in 2024. That's a significant increase from 2023 (9.987) and 2022 (8,039).

One venture capitalist has argued that baby boomers raised the national debt.

Cancer rates are on the rise among GenXers and Millennials

Cancer rates are rising among Gen X and Millennials, with more cancer diagnoses being made in their 30s and 40s than previous generations. Factors such as prenatal exposures, environmental toxins, and lifestyle choices may contribute to this trend. Memorial Sloan Kettering Cancer Center's experts discuss these issues, exploring how these insights could reshape cancer risk understanding.

A work-free retirement is a relatively recent development in human history

Though it looks different in other countries, economic historians trace retirement's rise in the US to a growth in personal income through pensions, GDP, and Social Security.

Each generation’s median income

Discover data about each generation’s income in the US. Generation X currently holds the title of highest earners, with notable wealth for those living in Maryland. Find out which groups tend to succeed and why, while seeing where you stand in comparison.

Pension plans investing over 60% in stocks had the highest real returns in 2024

In order to ensure that retirees received all the retirement funds a company or other institution may have promised them, pensions were often limited to investing in run-of-the-mill assets like government securities, investment-grade bonds, and blue-chip stocks. But as market conditions have evolved, pensions are increasingly being invested in a wider range of assets, including alternative investments.

Average retirement savings by state

Connecticut residents have the highest average retirement savings per person at $634K, according to data from the retirement plan provider Empower. On average across all states, Americans have saved $498K for retirement. This graphic shows the top ten states with the highest average retirement savings per person. See who came in second to Connecticut here.

A quarter of Gen Z eats organic food

A 2025 YouGov poll found that 25% of Gen Z US adults eat organic food, while 10% say they follow a whole-foods diet, meaning they seek out foods that are minimally processed.

Roughly 62% of US adults under 30 say they use TikTok

A Pew Research Center publication reports that most members of Gen Z use the app. That's significantly more than other age groups: 39% for those ages 30 to 49, 24% for those 50 to 64, and 10% for those 65 and older.

Young voters are ditching political parties

While the silent generation and baby boomers have become less likely to identify as political independents as they have aged, generation X and millennials are maintaining high levels of independent identification.

Family offices are estimated to manage more assets globally than hedge funds

As baby boomers prepare to transfer more than $84T in assets to the next generation over the next 20 years, family offices’ impact is expanding.

The prevalence of 401(k) plans and IRAs over pensions shifted investment risk from employers to employees.

What 401(k) savers near retirement can do amid market volatility

If you're close to retirement, volatility in the stock market can feel scary. This guide for 401(k) savers has suggestions on what to do with your retirement accounts during uncertain times, based on how close you are to the age you'd like to retire.

Seven early retirement lessons

After one year of retirement under his belt, financial publication Kiplinger's former editor has learned some lessons. Specifically, in this article, he shares his best early retirement advice, from when it makes sense to convert a traditional IRA to a Roth in early retirement, to how to prepare for retirement from a psychological perspective. Read more here.

The best investing advice for new college grads

While new college graduates typically don't have much money to invest, creating a plan for the money they earn from their first job can set them up for a promising financial future. This list of investing advice for new grads includes recommendations like enrolling in their company's retirement plan as soon as possible, prioritizing building an emergency fund, and more. Read the full list here.

Three ways to save for your child’s future

Parents can open a custodial Roth IRA when their child starts to earn income (think: summer job), which can help them start saving early. For example, 529 accounts help parents save for college, while UTMA/UGMA accounts function like trusts.

Some Gen Z men are obsessed with ‘American Psycho’

If you’ve ever spent any time on finance-themed meme pages, you’re likely already aware that today’s young men have a fascination with the serial killer main character of the movie "American Psycho." Find out what it is about the satirical representation of the late-1980s Wall Street investment banker-type that resonates with Gen Z men.

Having two retirement accounts has its pros and cons

Contributing to both an IRA and a 401(k) lets you increase your retirement savings by about 30% every year. However, you’ll also spend more time actively investing that money and pay more in fees.

Roughly 70 million Americans have 401(k) plans

Ted Benna, a rural benefits consultant, proposed a reinterpretation of a small tweak to the Internal Revenue Code in 1980. This led to a fundamental transformation of how American workers plan for retirement.

Retail investing by the numbers

When average Americans began pouring into the stock market, Wall Street wasn’t sure if its new guests were there to stay. But at the end of 2023, Public confidently declared that retail investors “weren’t going anywhere” after 30 million new individuals began buying and selling stock. Download the report to learn more here.

US pension plan adoption has declined from 1975 to 2021

Pension plans are a form of guaranteed retirement plan for long-time workers, and they were a major part of industries in the mid-20th century. With the rise of the 401(k) and similar tax-advantaged, defined-contribution accounts, these so-called defined-benefit plans have declined in use by employers. Compare US adoption of both kinds in this table.

529 savers can now roll funds into a Roth IRA

One of the key disadvantages of a 529 college savings plan is the possibility a beneficiary doesn’t end up going to college. Nonqualified withdrawals are subject to a 10% penalty. However, as of 2024, the SECURE Act 2.0 started allowing 529 savers to roll over $35K into a Roth IRA.

If you think AI is coming for your job, experts suggest adding more money to an emergency savings fund ahead of time.