Members of Generation Z (ages 26 and under) hope to retire earlier than previous generations and cite greater financial stress and more obstacles to retirement but are not shy about asking or advice, according to Charles Schwab's annual nationwide survey of 401(k) plan participants, "2023 401(k) Participant Study – Gen Z Focus."
The online survey of 1,000 U.S. 401(k) plan participants was conducted by Logica Research and represented 15 different retirement plan providers. Gen Z respondents to the survey said they expect to retire at age 61 in contrast with millennials (age 64), Gen X (65) and boomers (68). Meanwhile, 26% of Gen Z respondents said financial stress has impacted their ability to do their job versus 22% of millennials, 15% of Gen X and 10% of boomers.
In response to recent financial volatility, the survey found that 52% of the employers represented took actions to help employees manage their financial stress.
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