Week’s Best: Gen Z’s Social Security Pessimism

Core Insights - A recent survey indicates that younger Americans, particularly Generation Z and millennials, are increasingly doubtful about the reliability of Social Security as a primary income source during retirement [2] - Only 5% of Generation Z and 16% of millennials with 401(k) plans believe Social Security will be their main income source upon retirement, prompting a shift towards personal investments and 401(k) plans [2] Summary by Category Survey Findings - The survey conducted by Cerulli reveals a significant lack of confidence among younger generations regarding Social Security [2] - The statistics show that merely 5% of Generation Z and 16% of millennials with 401(k)s expect Social Security to be their primary income source in retirement [2] Behavioral Trends - In response to their skepticism about Social Security, younger Americans are increasingly focusing on personal investments and 401(k) plans as their main financial strategy for retirement [2]