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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.

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