Report: Only One in Five Gen Z adults are saving for retirement; Most say they'll work for life

A new report from the TIAA Institute and UTA's NextGen Practice reveals that many members of Gen Z, the youngest generation of adults, are not expecting to retire in the traditional sense.

Nearly half of young adults either don’t want to retire, believe they won’t be able to afford it, or aren’t thinking about it.

Only 20% of working-age Gen Z respondents are saving for retirement, despite projections that this generation could live past 100.

Rising costs of living are a major factor, with 29% of Gen Z living paycheck-to-paycheck, leaving little room to save for financial milestones like homeownership or retirement.

Nearly half of young adults either don’t want to retire, believe they won’t be able to afford it, or aren’t thinking about it.Photo byAlexander GreyonUnsplash