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What you need to know
- Generation Beta will include babies born between 2025-2039.
- According to a survey conducted recently, 55 % of Americans believe that Gen Beta may struggle with saving enough money for retirement.
- Americans estimated that Gen Beta, in average, would need to save $1.88m for retirement.
According to their parents, the retirement prospects of Generation Beta’s first generation are already grim.
Parents of Generation Beta (born between 2025-2039) worry that their children will not be able to save enough for retirement. More than half (55%) of Americans surveyed by insurance company Prudential said Gen Beta would struggle to save enough for retirement. The respondents expect Gen Beta to need at least $1.88m in retirement savings.
People believe that rising medical costs, an insecure economy, and AI taking away jobs will be the main obstacles for the next generation to save money for retirement.
More than 60% of respondents expect Gen Beta to experience greater financial instability, even though they believe Gen Beta to be more wealthy compared to previous generations.
Parents who are interested in Gen Beta want their children to start saving right away
More than half (58%) prospective Generation Beta parent’s doubt whether their kids will be able retire.
80% Gen Beta potential parents agreed that they’d like to start saving their child for retirement as soon as possible.
"Most new parents think about updating their health care plans or insurance policies, but that’s only the beginning. Reassessing your budget to ensure you’re accounting for long-term savings goals and factoring in expected rising costs for the entire family is a critical step," said Brandon Goldstein, financial planner with Prudential Financial.
And that desire to assist their future children with saving for retirement may stem from their own experiences—the top regret of current and prospective parents was that they haven’t saved more for their own retirement.
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