Gen Z is prioritizing saving for vacations over retirement, new report shows
Originally from The Independent. Read the original article on the publisher’s site.
Gen Z is prioritizing travel spending over all else, a new study has found, prompting worry about the long-term financial stability of the nation’s youngest adults.
Experts believe the best way to counter fears over retirement finances is to start early and contribute often . A 20-year old could be a millionaire at retirement if they contribute $160 a month to their retirement.
Someone starting their contributions at 45 would have to save $1,395 a month to be a millionaire if they retire at 67.
The early-and-often approach to retirement savings is “the most critical piece of building wealth and preparing for retirement,” financial planner Jordan Vlastuin told The Independent in February.
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