{"id":567981,"date":"2026-07-25T20:05:44","date_gmt":"2026-07-25T20:05:44","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/567981\/"},"modified":"2026-07-25T20:05:44","modified_gmt":"2026-07-25T20:05:44","slug":"gen-z-is-prioritizing-saving-for-vacations-over-retirement-new-report-shows","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/567981\/","title":{"rendered":"Gen Z is prioritizing saving for vacations over retirement, new report shows"},"content":{"rendered":"

Gen Z<\/a> is prioritizing travel spending over all else, a new study has found, prompting worry about the long-term financial stability of the nation\u2019s youngest adults.<\/p>\n

Some 48 percent of those under 29 prioritize vacations<\/a> over saving for retirement<\/a>, according to a new report from J.P. Morgan. <\/p>\n

Gen Z\u2019s penchant for trips is the highest of four generations involved in the study. Just 11 percent of baby boomers <\/a>– ages 62 to 80 – prioritize saving for vacation,<\/a> the study found. <\/p>\n

\u201cWhile retirement savings remains a top goal for all participants, younger participants are more likely to prioritize other financial needs,\u201d J.P. Morgan noted. <\/p>\n

But there\u2019s a sentiment across all generations that employers<\/a> need to play a more active role in helping employees make retirement decisions, the study found. <\/p>\n

\"SomeSome 48 percent of those under 29 years old prioritize vacations over saving for retirement, according to a new report from J.P. Morgan (AFP\/Getty)<\/p>\n

Gen Z is almost 60 percent more likely than boomers to expect retirement advice about how much to contribute to their retirement plans. <\/p>\n

Overall, Americans are on track to retire with far less money than they think they should have, a host of separate surveys in the past year <\/p>\n

The average worker believes they will need $1.2 million in savings to retire<\/a> comfortably but around half think they\u2019ll have less than $500,000, according to a survey<\/a> by wealth management firm Schroders. <\/p>\n

The Social Security system\u2019s ability to bridge that gap for retirees will take a serious hit in 2032, when the depletion of a key funding source will cause payments to drop by as much as 22 percent<\/a>. <\/p>\n

\"TheThe Social Security system\u2019s ability to bridge that gap for retirees will take a serious hit in 2032, when the depletion of a key funding source will cause payments to drop by as much as 22 percent (AFP\/Getty)<\/p>\n

Experts believe the best way to counter fears over retirement finances is to start early and contribute often<\/a>. A 20-year old could be a millionaire at retirement if they contribute $160 a month to their retirement. <\/p>\n

Someone starting their contributions at 45 would have to save $1,395 a month to be a millionaire if they retire at 67.<\/p>\n

The early-and-often approach to retirement savings is \u201cthe most critical piece of building wealth and preparing for retirement,\u201d financial planner Jordan Vlastuin told The Independent in February.<\/p>\n

This article is sponsored by Credit Karma. We may earn a commission if you engage with their services using links in this article.<\/p>\n","protected":false},"excerpt":{"rendered":"Gen Z is prioritizing travel spending over all else, a new study has found, prompting worry about the…\n","protected":false},"author":2,"featured_media":567982,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,6285,61,60,174,175],"class_list":["post-567981","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-horizontal","tag-ie","tag-ireland","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/567981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=567981"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/567981\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/567982"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=567981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=567981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=567981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}