It seems every generation wants to dump on the next one. Or, the one before it. Boomers complain about Millennials and Millennials say, "OK, Boomer". Millennials say Boomers left the world a mess and Boomers say Millennials are ruining the world with their decisions. The irony of the situation is that the Boomers parented the Millennials themselves.
(I'm a Gen X'er and our son's a Gen Z, so we just try to lay low from the inter-generational culture war.)
Still, I've been positive on both of the younger generations since I started writing this blog 8 years ago. I've always thought they will take good care of themselves. They're more educated, more digitally savvy, and in many ways, have many more opportunities than any previous generation in world history.
Related: Millennials - How Are They Doing?
Related: Millennials May Prove To Be The Best With Finances
And, it turns out - they are being good savers. A recent article from MarketWatch shows that all generations are getting better and better at saving through their 401k accounts. Especially Millennials & Gen Z. They report (from Fidelity) that 401k accounts are being embraced by a higher percent of young adults and that their balances are growing quickly. Despite relatively high student loan debt, they are showing that they value saving and planning for their future.
This chart, from TransAmerica's most recent retirement study, shows that they are confident & serious about reaching a comfortable retirement. As confident as the two older generations …
All in all, this seems like good news. The kids are alright. They 'get' what they need to do and are doing it. It's not everyone in these generations, no different than it wasn't everyone in the Baby Boomers. Yet, enough of them that they'll get through. I know when I look at my son and his six cousins - all in their 20s & 30s - they are a pretty solid bunch.
What are your thoughts on these next generations and their focus on good financial habits?
Image Credit: Pixabay
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