Members of Generation Z, which includes the youngest adults in the U.S., have significantly improved their financial well-being and expect to retire before they reach 60, way ahead of their older counterparts, according to study results released this week by Northwestern Mutual.
The study found that 70% of Gen Zers built savings during the pandemic, compared with 60% of all adults. Three in 10 said they did not have an advisor before the pandemic, but have either started working with one or plan to do so.
Even so, three-quarters of young adults acknowledged that their financial planning needs improvement.
"It's encouraging to see the youngest generation of adults showing an inclination to plan and holding themselves to a high bar," Christian Mitchell, chief customer officer at Northwestern Mutual, said in a statement. "Developing a plan isn't just the first step toward achieving your long-germ goals, it's also what allows you to enjoy your life more along the way."
The Harris Poll conducted an online survey in mid-February among 2,381 American adults, with an oversampling of Gen Zers.
