I edit the text and turned it into a list.
How much money each generation has saved for retirement
According to Northwestern Mutual’s 2021 Planning & Progress Study, which surveyed more than 2,000 American adults...
The adults of gen Z (ages 6 to 24) have an average of $35,900 in personal savings and $37,000 saved for retirement.
Millennials (ages 25 to 40) have an average of $51,300 in personal savings, while their retirement accounts have an average balance of $63,300.
Gen Xers (ages 41 to 56) are slightly ahead of their younger counterparts, with an average of $67,100 in their personal savings and $98,900 put away for retirement.
Baby boomers (ages 57 to 75) have an average of $102,400 in personal savings and $138,900 in their retirement accounts.
Edit
Source: Northwestern Mutual - Planning & Progress Study 2021
The adults of gen Z (ages 6 to 24) have an average of $35,900 in personal savings and $37,000 saved for retirement.
Millennials (ages 25 to 40) have an average of $51,300 in personal savings, while their retirement accounts have an average balance of $63,300.
I do not believe this
Zoomer trust fund children worth millions + the rest of us really skews the average there huh
Sample size: 2000 people and 5 multi-millionares, ignore the median please, we will not show you anything but the average.
The numbers for younger generations do seem insane to me too. I edited the self text and added the source link.
Averages man.
1 person with $1,000,000 in savings and 9 people with jack shit average out to 10 people with $100,000.
That doesn't seem right at all. Where'd they find these 2k American adults? Silicon valley?
The numbers for younger generations do seem insane to me too. I edited the self text and added the source link.
Online survey garbage. And this goes against all other high-quality research that shows (very roughly here) that like 40% to 60% of workers have less than $500 to $1,000 saved up in total.
Any time I get close to hitting like $5k I end up getting arrested for something dumb, getting in a car accident, getting fired, or ending up in the hospital and it's all gone again.
Just got my first job that isn't in the service industry, got t-boned by an f150 heading home on my first week and totaled my car.
Only had liability and the cop said it was my fault even though he was speeding so I was out a means of transport to work in a town with no transportation infrastructure.
Couldn't get a car loan because I didn't have my job for long enough either. Luckily my SO has some money from her family and was able to float me, but I don't know anyone who has any amount of money that isn't constantly depreciating and came from like someone getting lucky and selling a house they got for $50k that's now worth $300k or dead grandparents that had good union pensions and bought land.
just watched all the rebuilds, can't believe what they did with Ghislaine
can't believe I got her name right first try
The study was conducted by The Harris Poll on behalf of Northwestern Mutual. This wave included 2,320 American adults aged 18 and older who participated in an online survey between March 16 –26, 2021. Previous waves included 2,650 American adults aged 18 or older who participated in an online survey between February 12 –25, 2020 and 2,702 adults aged 18 or older who participated between June 26 – July 10, 2020.
From the PDF that the article linked to. I wonder why this only used a snap shot from March and not all of the samples.
who participated in an online survey
This is why these numbers are nonsense: selection bias, basically. Who with $1000 in their bank account is going to bother with a survey about retirement saving?
The link to the survey was exclusively served in the Northwestern Mutual high yield money market retirement savings account page.
The sample size is actually not that bad, however it's not random, so it's garbage.
2400 people gives you a margin of error of 2% (for a 95% confidence interval).
Yep. Note this only works if your variable is distributed like a Gaussian though (however even if it is not, there are other sampling techniques).
It seems like those numbers should be higher than a few thousand for something that could have been done online.
And I wonder how they got their candidates to take the online survey's.
I refuse to make a retirement account, shit's not happening. If this country is still around when I'm old and I'm still stuck in it, I'll deal with that then. I'm not going to throw the meager scraps of value that I'm allowed to keep from my productivity into the fucking Moloch machine, nor am I going to buy u.s. gov. debt.
Average huh? Yeah, if you count the kids of rich folk that mean nuber is accurate. The median number would be more accurate which is why theybdidnt use it.
adults aged 6-24 aye? Most of that demographic doesn't have a bank account
