How many young people are setting ambitious retirement goals, and how many feel they're attainable?

Answer:

• Around 30% of young people (age 18-42) say they want to retire as a millionaire.
• Around 60% say they’re confident they’ll reach their goal.

Questions:

• How important is it to you to have a goal for retirement even though it’s something that will happen so far into the future?
• Do you think it’s important to have a million dollars saved for retirement? Explain why or why not.
• Brainstorm some obstacles that would make putting money away for retirement difficult.
• Now brainstorm some habits or behavior changes you could adopt to help make putting money away for retirement easier.

Here are the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (CNBC):

"Young Americans are setting lofty retirement goals — and they’re confident that they’ll reach them.

A little over a third of both Gen Zers and millennials say they would need more than $1 million saved up in order to retire comfortably, according to a September survey from Bankrate, which surveyed 2,527 working adults in the U.S. over age 18. Bankrate defines Gen Zers as Americans ages 18 to 26 and millennials as those 27 to 42.

It might sound like a huge number to someone in their 20s or 30s, but retirement millionaire status is becoming more common. The number of people with over $1 million in their 401(k)s is nearly 30% higher in the second quarter of 2023, compared with that period last year, according to Fidelity data provided to CNBC Make It."

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NGPF's Investing unit will arm your students with valuable knowledge and skills in investing for their future

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Check out one of NGPF's most popular investing activities in which students track the long-term performance of stocks they select: 5 Stocks on Your Birthday

About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.

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