Millennial here - gen Z has retirement savings???
Not if they’re dipping into it at 30. That’s going to kill any kind of compound interest.
I’m about to be 29, and have literally zero savings to speak of. I’ve been paycheck-to-paycheck pretty much my entire working life.
The best investment at your age is in training/education to improve your take home pay or ability to relocate. Fuck retirement savings, you have to eat for 30+ years to get there first. Invest in yourself, not in the fucking casino controlled by billionaires that is the stock market.
My wife made a career swap 5 years ago after getting a master’s degree. We used our retirement savings to pay for the schooling because the ROI was under 1 year.
Millennial here- I’m bout to not have retirement savings.
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I had 14 grand in a 401k. I had to spend it to survive for a year while I looked for a job. All of it.
Now I know 14k aint shit. But that is where we are.
I had $20K a 401K and $15K in school loans when I swapped jobs in my late 20’s. Guess what I did with it.
3 years later I was able to purchase my first house because I saved up money instead of paying the student loans.
Right now I should be maximizing my retirement savings according to all the advisors. Instead I am using the money to pay for my kids college so they can start off in life above zero instead of -$50k like my wife and I did.
I figured out a long time ago that there is no way in hell I can retire and remain in the U.S. The system is rigged against me. So my goal for the next 10 years is to learn Spanish.
Luxury, I had 9.5k and had to spend it to survive for 2 years while I looked for a job.
Which generation isn’t doing this? I don’t think it is a generational cadre thing. I think it is a class thing.
I pretty much said the same thing about my own experience then was downvoted to all hell and accused of being a boomer who caused all this. Wth is wrong with people, no wonder we can’t escape this shit no matter the generation.
Right? I’m in my 40s and I’ve razed every 401k I’ve had to survive and move between jobs.
Yeah, because everything is ridiculously expensive and no one makes any money.
Billionaires have all our money. Maybe we could ask for it back nicely.
Guillotine is nice.
Yes.
But: people still want to be billionaires, what if they became billionaires themselves after coming up with a new invention?
People would need to stop using their social media, software, webstores etc.
You guys have retirement savings?
Millennials be like…
The survey this is based on has a summary page, but they don’t post their survey error estimates. What I can tell, without giving them my email, is that the entire survey was 250 adults. How many of those are “gen z” I have no idea, but if you are generous and say 1/4 that is 63 people considered gen z. The 46 percent that reported dipping into savings would then be about 29.
Just so everyone prognosticating about the state of the economy in this thread is aware, you are commenting on a survey that has a very low n and did not publish any sort of margin of error.
I also noticed that the dichotomy is “luxury spending” vs. “paying off debt”, but that debt could easily have come from prior ‘luxury spending’, lol.
The source cited in this article is a website that’s shilling products, no methodology available at all, that I can see.
Soon there will be a critical mass of people who have nothing left to lose
Gen Z has retirements? 🤔
Millennial but I’ve been doing this for the last 4-5 years at this point
Wait, do you actually have retirement savings?
I’m on the leading edge of millennial and my retirement plan is to die.
My job has a 401k I was putting into when I started 12 years ago and they allow to borrow against it so I’ve had to do that to survive for a while now. Whenever I inevitably get fired or leave my job I’m gonna take the opportunity to just cash out and take the huge tax hit because I find it highly unlikely that I’ll make it to actual retirement age at this point.
Oh, you’ll make it to retirement age, you just won’t be able to retire at that age, or ever.
That’s what I expect at least.
I figure that I’ll be able to retire when I have my house, and all other debts paid off in full, and I’m collecting my government pension (we have a national program here in Canada). And that assumes that the pension payments can cover my day to day and month to month expenses, which, at this point, with inflation the way it’s going, I have absolutely zero confidence that it will be enough.
So I keep working and working, and creating value for shareholders.
It’s amazing how badly small amount of people can treat large amount of people and get away with it.
I learned this lesson when I was in middle school. Our school cafeteria sold students expired food. Not, “Oh it’s a few days late, these dates are estimates so it’s probably fine.” I mean food several months past dates, with obvious changes to consistency and taste. Two examples I vividly remember were moist cheetos and ice cream that looked like foam.
I thought it was disgusting and unsafe. I personally stopped trusting all such school cafeteria food from that point (and never touched it again.) My friends, however, didn’t seem to care? Somehow?
Every time a friend took a bite and asked, “Does this taste weird?” I’d examine the food. If it was a packaged food, I’d check the date. Every time, the expiration date would be from last semester. I know this, because at one point I started keeping records in a notebook about it.
But before I started doing that, I encouraged the affected friends to tell the lunch ladies and ask them to exchange the expired package for a fresher one. They refused to. They were terrified of “causing trouble.” I was like, “It’s just a simple exchange. I’ll go do it for you.” But they begged me to just stay there and say nothing, like the rest of them. They were so scared to potentially upset someone.
Must be quiet. Must behave. Must not dare consider speaking up for our own well-being, even if it means we must literally eat garbage.
I’ll give 'em this, the long-game authoritarians from the 90s and early 00s did a bang up job conditioning the kids to accept fascist rule in 2025. Want to know why so many Americans aren’t fighting back? Because we’ve been raised to accept this abuse. Many are active enforcers at worst, or spinelessly compliant bystanders at best. Anyone outside that spectrum is a trouble-maker that the first group would gladly make suffer (while the second group “minds their own business.”)
BIG BEAUTIFUL BILL :\
And it’s only going to be more beautiful once people are dropping dead due to medicaid and RFK Jr.
I feel bad for 20 year olds now. Shit would have made me kill myself had I had to pay rent at these prices back in 2008. I barely survived on 300$ a week paychecks then. How are people even doing it today?
We’re not and trying to stave off the urge
It ain’t just them its everybody
