Boomers Think Gen Z Is Bad With Money — Here’s What the Data Actually Says
Written by
Adam Palasciano
Edited by
Rebekah Evans
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Baby boomers, one of the largest generations that’s quickly aging into retirement, have a lot of opinions about Gen Z. One in particular is that their younger counterparts are not as good with money.
However, The Economist has largely debunked this misnomer — it’s reported that both millennials and baby boomers were poorer at this stage in their lives than Gen Zers are today.
Gen Z, those born between 1997 and 2012, is often regarded as being entitled and lazy. Yet, those within this generation are making more money when compared with their older millennial and baby boomer counterparts.
To build upon this, here are some data points about how Gen Z is doing when it comes to financial literacy, money management and overall financial health.
Gen Z Feels More on Track for Retirement
Data from the recent Goldman Sachs Retirement Survey and Insights report highlighted that 68% of Gen Zers feel they’re on track or even ahead in terms of retirement savings. That’s compared with just 53% of baby boomers.
More Gen Zers Have a Retirement Plan
When it comes to financial planning, Gen Z beats out baby boomers. In terms of calculating how much total retirement savings you need and how to save and invest to achieve that goal, 60% of Gen Zers have a personalized financial plan compared with just 55% of baby boomers.
Gen Z Is More Serious About Their Retirement Saving
A 2024 Corebridge Financial survey highlighted that a stunning 73% of Gen Zers report getting serious about their finances between 18 and 25 years old. Only less than 20% say they have not yet gotten serious about the topic.
Meanwhile, 49% of baby boomers surveyed admit that they didn’t get serious about retirement planning until age 35 and 35% of baby boomers didn’t start until age 40 or older.
Gen Z Leans on Social Media for Current Financial Advice
A 2023 Forbes Advisor survey showed that Gen Zers tap into social media for financial advice more frequently. In fact, 79% of millennials and Gen Zers have gotten financial advice from social media. As a direct result, 50% have made money thanks to financial advice they received on social media.
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