In fact, the number of Gen Z households with retirement accounts is three times higher than that of Gen X at the same age, according to a recent report from the Investment Company Institute (ICI).  

In its annual report on financial wellness, Payroll Integrations explored the perspectives of employees and employers across generations — and the topic of retirement highlighted a noteworthy divide. 

Even though Gen Z professionals might be the furthest group from retirement, they’re the most likely to believe they’ll be able to retire early, the report found. 

Sixty-two percent of Gen Z workers expect to retire before age 65, compared with 36% of millennials, 31% of Gen X and just 3% of Boomers.

Gen Z savers don’t just anticipate reaching that major retirement milestone early; they’re also most confident they’ll enjoy a comfortable retirement, according to the data. 

Nearly half (48%) of Gen Z workers believe they’ll be able to retire comfortably, compared with 38% of millennials, 31% of Gen X and 22% of Boomers.

Gen Z’s relative preparedness when it comes to retirement savings might contribute to the group’s optimistic outlook, the report notes. 

Ninety percent of Gen Z is already contributing to a retirement plan, compared to 81% of millennials, 83% of Gen X and 75% of Boomers.

In U.S. Bank’s recent report on young Americans’ investing patterns, president of wealth management Scott Ford stressed the value in proactive financial wellness.

“There may be no single playbook for building wealth , but having a plan can help you understand the choices in front of you, assess them against your goals and decide what makes sense for your financial situation,” Ford said.

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