Saving for the Future Is Heavy on the Minds of Gen Z

In a recent survey of Gen Zers, The Standard found that 93% of respondents said a retirement savings plan is important to them.¹

That’s just one key takeaway that highlights this generation’s focus on saving for the future. Here are more findings from the Gen Z research:

• Almost 8 out of 10 — or 79% — say saving is their top financial goal. Boosting earnings was a close second at 78%.¹
• A retirement savings plan is third on Gen Z’s list of top five employee benefits — after health insurance and paid family and medical leave.¹
• Some 48% say their biggest financial worry is not saving for their long-term future.²
• When it comes to financial support, 55% of respondents say they value auto-enrollment and 40% value auto-escalation in a retirement savings plan.²
• Financial literacy is also on their minds. Of this cohort, 34% value financial education, 30% value professional management of fund allocations in a retirement savings plan, and 27% value personalized financial advice or counseling.²

Gen Z, usually described as those born after 1996, will likely outnumber Baby Boomers in the full-time workforce in 2024.³ Employers who help meet the needs of this age group will gain by attracting and retaining Gen Z talent.

How prepared are your clients for helping their Gen Z employees? Share more Gen Z insights to help them refine their approach to employee benefits.