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Do you remember when you startedtaking money seriously?
If youre like the average American, you were roughly in your mid- to late 20s.
Both generations opened savings accounts when they were roughly 26.
As for Gen Z?
But as far as making 401(k) or retirement contributions or purchasing life insurance, theyre behind.
The words 401(k), IRAs and life insurance can be daunting to many, he noted.
Life insurance can be quite affordable.
He also encouraged Gen Zers to use their employers retirement options, particularly contribution matches (if offered).
Any contribution, no matter how small, is still a contribution!
In terms of whether or not they can reach financial stability, the survey found generational differences.
Merely 7% of Gen Zers dont believe that theyll ever be financially stable.
According to Steiner, there are steps everyone can take to get closer to reaching financial stability.
For one, you should open a savings account.
A little goes a long way when it comes to savings, Steiner explained.
Making a budget is also crucial.
You should also contribute to a 401(k) or retirement fund, Steiner wrote.
Finally, Steiner stressed that you should buy life insurance or buy more of it.
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