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2h ago

Robinhood CEO Says Gen Z Start Retirement Saving at 19 as Some Boomers Return to Work

New surveys point to earlier saving habits among young adults alongside financial pressures pushing many retirees back into jobs.

In this June 15, 2018, file photo, cash is fanned out from a wallet in North Andover, Mass.
Robinhood cofounder and CEO Vlad Tenev said young people are embracing old-fashioned investments. It seems to be working, as the young generation is already on track to successfully retire.
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Overview

  • Vlad Tenev said on a recent podcast that many Gen Z customers are opening retirement accounts at age 19, describing a shift toward more conservative financial behavior.
  • Vanguard reports 47% of workers aged 24 to 28 are on track to maintain their standard of living in retirement, compared with 41% of Gen X and 40% of baby boomers.
  • A Standard Life survey of more than 6,300 U.K. adults found about 14% of baby boomers and older Gen Xers have already returned to work after retiring, with another 4% considering it.
  • Manulife John Hancock findings show Gen Z’s ideal retirement age at 59 yet an expected retirement at 67, underscoring a gap between aspiration and reality.
  • Other gauges remain cautious: a 2024 TIAA survey found roughly one in five Gen Z are saving for retirement, and Western & Southern says 49% of Americans lack confidence in retiring comfortably.