John Hancock Retirement CEO Wayne Park discussed how inflation and financial priorities impact retirement savings across generations. Park said younger generations like millennials, Gen Z, and Gen X feel behind in their retirement savings. Inflation has taken a toll.
“It is impacting people in terms of inflows and causing more to take money out of their retirement plans,” Park said.
Inflation affects generational retirement savings
Gen X also faces many financial priorities that strain their ability to save for retirement.
“Saving for your own retirement, saving for your children’s college, managing a mortgage, and possibly still dealing with your own student debt all create a significant strain. Meeting all these objectives is playing a role in feeling behind for retirement,” Park explained. Baby Boomers generally feel more confident about their retirement savings.
“Boomers are most confident and probably in the better off situation because most of them have seen what that looks like and have access to financial professionals and help,” Park added.
