Well-Being Longevity

Almost 1 in 3 Gen Z workers not saving for retirement

a new Bankrate survey shows that a staggering number of Zoomers haven’t put money aside for retirement since 2021.
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Story at a glance


  • Data from a Bankrate survey released Monday shows that 31 percent of Gen Z workers have not saved anything for retirement over the past two years.  

  • Survey crafters fear that decision could cost some younger workers hundreds of thousands of dollars in retirement savings.  

  • The survey also found that 30 percent of Gen Z workers contributed more to their retirement savings this year than they did last year.  

A new Bankrate survey published Monday shows that 31 percent of Gen Z workers have not saved for retirement over the past two years.  

The personal finance company came up with that number after conducting a phone survey of 2,312 U.S. adults between Sept. 21-23.  

Out of those surveyed, 167 qualified as Gen Z workers, according to Bankrate.  


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As part of the survey, people were asked about their saving habits and whether they felt they were where they needed to be in terms of financially preparing for retirement.  

A 22-year-old worker who starts to set aside $5,000 a year at an 8 percent annual return, will amass about $720,000 more in retirement funds compared to a worker who began saving that same amount at the same return rate at age 32, according to Bankrate.  

Bankrate survey crafters fear that by delaying saving for retirement, Gen Z workers could be missing out on hundreds of thousands of dollars in savings.  

Survey findings also show that the number of Gen Z workers who have not saved a cent for retirement since the beginning of 2021 is greater than the national average of 24 percent.  

There are multiple reasons why Generation Z workers have not been saving for retirement, including inflation and wage stagnation, which has left workers “more squeezed” than ever and less likely to save for the future, according to Bankrate analyst James Royal. Royal added that given that these younger workers are early in their careers, Gen Z might not see saving for retirement as a priority.

But Generation Z is not the only group struggling to put money aside for retirement. According to the survey’s findings, 23 percent of millennials said they had not saved for retirement over the past two years.  

Survey findings show that most people in the United States feel like they “are not where they need to be” in saving for retirement.  

A total of 55 percent of survey participants, both working or temporarily unemployed, said they “feel behind” on their retirement savings — a 3 percent increase from 2021 Bankrate survey figures.  

Out of those that feel behind in saving, about 35 percent said they felt “significantly behind” in their retirement saving goals and another 20 percent said they were “somewhat behind” in their goals.  

Meanwhile, 30 percent of Gen Z survey respondents said they are contributing more to their retirement this year than they did in 2021.  

Only 10 percent of Generation Z workers said they were putting aside less for retirement this year than they did last year.