Gen X is making progress with retirement savings: Fidelity
Retirement savers experienced their third consecutive quarter of growth in the second quarter of 2024, with Generation life after work.
This is according to a report released by Fidelity Investmentsbased on 401(k) and 403(b) data from 26,100 corporate defined contribution plans and approximately 32 million total participants as of June 30, 2024.
“Average account balances increased for the third quarter in a row, reaching the third highest average ever,” the report said. “Average 401(k) and 403(b) balances have increased 13% and 12%, respectively, since the second quarter of last year. Total savings interest remained relatively flat compared to the past quarter, but is still slightly up compared to a year ago.”
Women’s 401(k) balances also rose 13.2% from the second quarter of 2023, compared to a 12.5% increase for men over the same period. Gen Z women saw a sharp increase of 51% year over year.
Average balances are obviously higher for older generations. For baby boomers, the average retirement savings balance in the second quarter was $242,000, followed by Generation X ($182,000), Millennials ($62,000) and Generation Z ($12,000).
“Fidelity’s analysis shows that Millennial and Gen Z workers are likely to have all their savings in a target-date fund, while fewer than 15% of Boomers have an outstanding loan,” the report said.
Much has been said about Gen
“Generation X made big gains in their retirement savings,” the report said. “Gen
The report works from Pew Research Center‘s definitions of the different generations: Baby Boomers are those born between 1946-1964, Gen
From a study conducted earlier this year by Allianz life found that 62% of Gen But more than half of Gen %) members of the cohort. .
But despite these challenges, and perhaps as a sign of progressive thinking, the generation is now also showing interest in finding housing that is suitable for aging.
Generation New York Times based on Data from 2021 of the Harvard University Joint Center for Housing Studies.
