Gen Z is prioritizing saving for vacations over retirement, new report shows
Originally from The Independent. Read the original article on the publisher’s site.
Gen Z is prioritizing travel spending over all else, a new study has found, prompting worry about the long-term financial stability of the nation’s youngest adults.
Experts believe the best way to counter fears over retirement finances is to start early and contribute often . A 20-year old could be a millionaire at retirement if they contribute $160 a month to their retirement.
Someone starting their contributions at 45 would have to save $1,395 a month to be a millionaire if they retire at 67.
The early-and-often approach to retirement savings is “the most critical piece of building wealth and preparing for retirement,” financial planner Jordan Vlastuin told The Independent in February.
This article was legally licensed by AdvisorStream.
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