As boomers are forced back to work because they can't afford to retire, Robinhood CEO says Gen Z are opening retirement accounts at 19 years old | Fortune

""Retirement seemed really, really far away," Tenev said recently on the Upcapped with Jack Altman podcast, thinking back to his own financial priorities as a 20-something fresh out of college in 2008. "Now, Gen Zs are opening retirement accounts at 19 years old. So they're thinking a little bit more conservatively, I think, than prior generations." Tenev said the trend might seem strange to onlookers-many people may assume that young, cash-strapped Gen Zers are frivolously spending their money."

"But in reality, it's Robinhood's older customers who want to be plugged into the "cool new thing," Tenev noted, while young savers are embracing the traditional investment methods. "You would think with older customers, we would emphasize how stable and how long we've been around and all these things, but actually that resonates very strongly with young people," Tenev explained. "Now, I think [with] Gen Z and Gen Alpha there's almost this opposite thing happening where the old big storied incumbents are kind of cool again.""

"The CEO of the $99 billion financial services company said Gen Z's saving habits reflect a broader trend: young people are embracing retro culture. In a world of streaming, Gen Z are buying up physical media vinyl records and cassette types-Tenev's daughter even asked if she could have a Walkman. The executive believes their love for the old-fashioned translates into the ways they save their money. "I think in the same way, financially, the younger generation is interested in retirement," he said."

Gen Z is opening retirement accounts as early as 19 and is thinking more conservatively about long-term savings than prior generations. Older retail investors increasingly chase new, trendy financial products while many young savers favor traditional investment approaches and established incumbents. Young people are also embracing retro culture, buying vinyl and cassettes, and showing a preference for legacy brands, which correlates with more conventional saving behavior. Meanwhile, many retirement-aged baby boomers struggle financially. About 47% of employees aged 24 to 28 are reportedly saving enough to maintain their current lifestyles into retirement, indicating stronger readiness among younger cohorts.

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