Workers under 27 expect to retire earlier than older generations, according to a Charles Schwab survey.
Gen Z expects to retire at the age of 61, earlier than what other generations estimate, according to a Charles Schwab survey.of all workers. Members of the chronically online generation first entered the workforce during the pandemic, grappling with its upheaval and embracing remote and flexible jobs.
Marci Stewart, director of communications consulting and participant education at Schwab Workplace, said Gen Z workers have a healthy sense of financial self-awareness.“Sixty-two percent of Gen Z thinks their financial situation warrants professional advice, which is more than any other generation,” Stewart wrote in an email, “It’s encouraging that Gen Z doesn’t disengage because of the ongoing inflation and market swings … that’s a very good sign for future success.
Three-fourths of Gen Zers were open to using such tools compared to a quarter of boomers. Perceptions of AI financial planning tools may vary across generations, but adoption across the board is pretty low with only 9% of Gen Zers surveyed currently using the tools.Though a majority of Gen Zers in this survey are concerned about saving efficiently for retirement, they also value work-life balance.
Gen Z is also taking on less conventional jobs as social media and the Internet have made it easier to set up online businesses and connect with clients than ever before. The study found that 38% of people under 35 participated in freelance work and 26% more expected that they would at some point. Only 31% of workers over 35 expected to freelance.
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