Summary
The CEO of Robinhood, Vlad Tenev, says that Gen Z is starting to think about retirement much earlier than previous generations. Surveys show that many young Americans are worried about financial security in retirement due to debts and job market issues. Gen Z aims to retire earlier and is open to the idea of retiring abroad for better financial opportunities.
Key Facts
- Gen Z is opening retirement accounts as early as 19 years old.
- A 2024 survey found about 20% of Gen Z are currently saving for retirement.
- Many Americans, especially Gen Z, think retiring between age 65-70 is not possible for them.
- Almost half of Americans are not confident in retiring comfortably.
- 40% of Gen Z would consider moving to another country for retirement.
- Gen Z aims to retire at 59 years old on average, younger than older generations.
- Financial literacy is contributing to Gen Zās early retirement planning.
- Studies show Gen Z and millennials might be better prepared for retirement than older groups.
