Smart News: Encouraging to See Young People Increase Their Savings

Last week, I stumbled upon the Yahoo! Finance article below detailing encouraging news: young people saved more for retirement due to the impact of the COVID-19 pandemic.

According to a recent survey by Voya Financial, 72% of Voya retirement plan participants up their savings – with most of those participants coming from the Millennial and Gen-Z generations.

Even in meetings with my own clients from younger generations, I’ve witnessed a trend in saving – something that certainly benefits clients’ long-term financial success and security. It has also been rewarding to see folks my age starting to ask questions about their finances and get in touch with a financial advisor like myself.

I think the most important thing I took away from this article is to make sure you aren’t saving money for the sake of saving money. Having a sound financial plan is key and reinvesting your savings in retirement accounts is a great first step. It’s always smart to go over any IRA or Roth IRA your company offers through your employment, staying disciplined with your contributions, and getting an IRA or Roth IRA setup if your company doesn’t offer them.

As the Millennial and Gen Z generations contemplate their future financial security, my hope is that this trend continues even as pandemic and economic uncertainties remain with us for a while.

~ Presented by Dan LaNasa