Most of Gen Beta Isn’t Even Born Yet, But They’re Inheriting A Bleak Retirement Outlook | Global News Avenue

The first generation of Betas will be born this year, and their retirement prospects are already grim, according to their parents.

Potential parents of the Beta generation, which includes those born between 2025 and 2039, are concerned about the Beta generation’s ability to retire and save for retirement. More than half (55%) of Americans say Gen Beta will try to save Enough to retire. Respondents expect Gen Beta will need $1.88 million in retirement funds.

The biggest barriers to retirement savings considered likely to face the latest generation are rising costs of living, economic instability, high health care costs and the replacement of jobs by artificial intelligence.

This means that while 51% of respondents believe the Beta generation will be wealthier than previous generations, more than 60% also expect this generation to face more financial instability.

Gen Beta parents-to-be want to help their kids start saving ASAP

More than half (58%) of future Beta Generation parents doubt their children will be able to retire.

Most expectant parents say they want to help their children save for retirement: 80% of potential Gen Beta parents agree that in an ideal world, parents would start saving for retirement as soon as their child is born.

“Most new parents will consider renewing their health care plan or insurance policy, but that’s just the beginning. Reevaluating your budget to ensure you account for long-term savings goals and account for expected rising costs for the entire family is a critical step,” said Brandon Goldstein, a financial planner at Prudential Financial Group.

The desire to help future children save for retirement may stem from their own experience——The most regrettable thing for current and future parents No more saved For your own retirement life.