Some Gen Z Retirement Planning Prospects Are Optimists
In a survey, 40% of them said they expected to live to 100.
Some members of Generation Z may be gloomy, but others aren’t.
Northwestern Mutual discovered that in a recent commissioned Harris Poll online survey of 2,740 U.S. adults ages 18 and older.
Many Gen Z participants were optimistic both about their lifespan and their ability to save for retirement: 40% predicted that it was likely or very likely to live to age 100, and 65% predicted they will be financially prepared for retirement when the time comes.
They tied with millennial generation participants in terms of optimism about living to age 100, and they were much more optimistic about being financially prepared for retirement than the other participants.
What It Means
Some of the youngest adults may be the most interested in hearing about ways to cope with longevity risk.
Generation Z
Harris Poll classifies adults younger than 27 as members of Generation Z. It has not yet set a firm cutoff between Generation Z and the next generation, Generation Alpha.
Details
Here’s a look at the percentage of participants in each generation who said they were likely or very likely to live to age 100:
- Gen Z: 40%
- Millennials: 40%
- Generation X: 22%
- Boomers: 20%
And here are the breakout statistics for optimism about being prepared financially for retirement:
- Gen Z: 65%
- Millennials: 54%
- Boomers: 52%
- Generation X: 45%
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