J.P. Morgan Finds 48% of Gen Z Favor Vacations Over Retirement Saving

3 articles · Updated · The Independent · Jul 23

Forty-eight percent of adults under 29 rank vacations ahead of retirement saving, the highest share among the four generations in J.P. Morgan’s new study.
That gap is stark against baby boomers, where just 11% prioritize vacation saving, while the bank said younger workers are more likely to put other financial needs ahead of retirement.
Gen Z is also nearly 60% more likely than boomers to expect employers to provide guidance on how much to contribute to retirement plans, pointing to a broader demand for workplace help.
The findings land as retirement preparedness already looks weak: workers say they need about $1.2 million to retire comfortably, but roughly half expect to have less than $500,000.
That shortfall could become harder to manage in 2032, when a key Social Security funding source is projected to run down and payments could fall by as much as 22%.