Benzinga looks at a recent study that found Generation Z is leading all generations in retirement savings and investments.
Generation Z has taken over the retirement savings game, leaving their predecessors in the dust. They have come to dominate the arena of financial planning and investing for the future., workers ages 18 to 24 were 32% more likely to invest in their workplace retirement plan than their older colleagues were at the same age. This is impressive considering younger generations typically have lower participation rates because of a lack of knowledge and lower income.
Financial experts say this could be attributed to a higher comfort level with technology and the automation of investment processes in 401 plans. Nilay Gandhi, a certified financial planner and senior wealth adviser at Vanguard, said,"Gen Z investors have grown up in a world where technology is fully a part of their daily lives.
"Stocks can be a powerful tool for wealth accumulation and give money a higher potential to grow over the long term," he said. He also emphasizes that savings rates, a well-balanced portfolio, costs, and discipline are crucial aspects of investment success.
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