Gen Z outpaces older workers in retirement savings despite debt burdens
A new study by Vanguard reveals sharp differences in retirement readiness across generations. Younger workers appear better prepared than older ones, despite facing heavier debt loads. The findings highlight both challenges and improvements in long-term financial planning.
The 2023 Vanguard report, authored by Jeanne Thompson, shows that 47% of Gen Z workers aged 24 to 28 are currently on track for retirement. This figure drops slightly for millennials, with 42% of those aged 29 to 44 meeting retirement benchmarks.
The report underscores a shift in retirement preparedness, with younger employees outperforming older ones in savings progress. While retirement calculator debt remains a major hurdle, better workplace pension schemes have helped improve their long-term outlook. The findings suggest that plan design and early engagement play key roles in retirement security.
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