Generational Divide: Baby Boomers and Gen Xers Struggle with Savings, While Gen Z Remains Optimistic about Retirement

A survey by Achieve, a digital personal finance company, reveals that two-fifths of baby boomers and Generation X Americans do not have a savings account, highlighting a growing sense of economic disillusionment amid reduced saving and increasing debt. Only 60 percent of respondents have a savings account, with more than one-third of them holding less than $1,000. The personal savings rate in the US has dropped to 4.3 percent, with Americans saving less than 5 percent of disposable income. Rising inflation, interest rates, and looming student loan debt have contributed to financial insecurity, leading to a decline in confidence in financial prospects. Only 11 percent of Americans believe they are living in financial freedom, with the majority equating it to living debt-free and comfortably meeting financial obligations.