{"id":305309,"date":"2025-11-25T06:01:10","date_gmt":"2025-11-25T06:01:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/305309\/"},"modified":"2025-11-25T06:01:10","modified_gmt":"2025-11-25T06:01:10","slug":"as-boomers-are-forced-back-to-work-because-they-cant-afford-to-retire-robinhood-ceo-says-gen-zers-are-opening-retirement-accounts-at-just-19-years-old","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/305309\/","title":{"rendered":"As boomers are forced back to work because they can\u2019t afford to retire, Robinhood CEO says Gen Zers are opening retirement accounts at just 19 years old"},"content":{"rendered":"\n

Soaring inflation<\/a>, stagnant salaries<\/a>, and a high cost of living<\/a> are dragging baby boomers out of retirement<\/a> and back into the office\u2014but young savers are watching and learning. Gen Zers are already putting cash aside for their eventual retirement, Robinhood<\/a> cofounder and CEO Vlad Tenev<\/a> has revealed.<\/p>\n<\/p>\n

\u201cRetirement seemed really, really far away,\u201d Tenev said recently<\/a> on the Uncapped with Jack Altman podcast, thinking back to his own financial priorities as a twentysomething fresh out of college in 2008. \u201cNow, Gen Zs are opening retirement accounts at 19 years old. So they\u2019re thinking a little bit more conservatively, I think, than prior generations.\u201d<\/p>\n

Tenev said the trend might seem strange to onlookers. Many people may assume that young, cash-strapped<\/a> Gen Zers are frivolously spending their money<\/a>. But in reality, it\u2019s Robinhood\u2019s older customers who want to be plugged into the \u201ccool new thing,\u201d Tenev noted, while young savers are embracing traditional investment methods.<\/p>\n

\u201cYou would think with older customers, we would emphasize how stable and how long we\u2019ve been around and all these things, but actually that resonates very strongly with young people,\u201d Tenev explained. \u201cNow, I think [with] Gen Z and Gen Alpha there\u2019s almost this opposite thing happening where the old big storied incumbents are kind of cool again.\u201d<\/p>\n

The CEO of the $99 billion financial services company said Gen Z\u2019s saving habits reflect a broader trend: Young people are embracing retro culture. In a world of streaming, Gen Z are buying up physical media vinyl records and cassette tapes: Tenev\u2019s daughter even asked if she could have a Walkman. The executive believes their love for the old-fashioned translates into the ways they save their money.<\/p>\n

\u201cI think in the same way, financially, the younger generation is interested in retirement,\u201d he said.<\/p>\n

While the young generation is getting a head start<\/a> on their financial security decades ahead, retirement-aged workers are still struggling to keep their heads above water.<\/p>\n

Gen Z is the most likely to be on track to successfully retire, with about 47% of employees ages 24 to 28 already saving enough to maintain their current lifestyle through retirement, according to a recent study from<\/a> Vanguard<\/a>. Meanwhile, only 40% of baby boomers and 41% of Gen Xers can say the same.<\/p>\n

Despite having the most wealth<\/a> of any generation, baby boomers\u2019 honey pots won\u2019t last them through their nonworking years. In fact, it has forced some to return to the office after sunsetting their professional careers; about 14% of baby boomers and older Gen Xers have already \u201cunretired,\u201d and another 4% are considering it, according to a<\/a> survey of more than 6,300 U.K. adults for Standard Life. Thanks to inflation, household annual bills are $1,250 higher, reaching untenable levels for people to retire comfortably.<\/p>\n

\u201cThe economic landscape of the last few years has put sustained pressure on people\u2019s finances, with all ages and stages of life impacted,\u201d said<\/a> Dean Butler, managing director for retail direct at Standard Life. \u201cAs a result, people are being forced to seek new ways of supplementing their income, be that taking on additional work, delaying retirement plans, and even returning to work having previously retired.\u201d<\/p>\n

Since the 1980s, the number of those in the U.S. working past the typical retirement age of 65 has quadrupled<\/a>, with almost 20% of this older population continuing to work. They\u2019re even juggling several jobs at once; nearly 40% of baby boomers said they\u2019ve taken up a side gig, according to a Smart Energy GB survey of 2,000 Brits.<\/p>\n

In a time when many older workers are being pulled back into the nine-to-five grind, Gen Z\u2019s quiet return to tradition may be what saves the future retirees from the same fate.<\/p>\n

This story was originally featured on Fortune.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Soaring inflation, stagnant salaries, and a high cost of living are dragging baby boomers out of retirement and…\n","protected":false},"author":2,"featured_media":305310,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[8913,45,49,48,133,136898,136899,89427,136897,131,132,1705,69965,136896],"class_list":{"0":"post-305309","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-baby-boomers","9":"tag-business","10":"tag-ca","11":"tag-canada","12":"tag-finance","13":"tag-financial-priorities","14":"tag-gen-alpha","15":"tag-gen-xers","16":"tag-gen-zers","17":"tag-personal-finance","18":"tag-personalfinance","19":"tag-retirement","20":"tag-robinhood","21":"tag-vlad-tenev"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/305309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=305309"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/305309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/305310"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=305309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=305309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=305309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}