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Do young generations save for retirement? Ensuring financial security of Gen Z and Gen Y

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  • Xie, Xiaohong
  • Osińska, Magdalena
  • Szczepaniak, Małgorzata

Abstract

Concerns about the population aging and global trends to shift more responsibility for future retirement from the state to the individual need policy planning to increase youth's savings for retirement. The study aims to identify behavioral, financial, demographic, and educational determinants of savings for retirement in two groups of young adults with reference to people aged 50–60. The binary logit model and pairwise comparison results showed that the probability of saving for retirement increases with age and responsibility fosters saving behavior among young adults. The observed differences allow the formulation of policy recommendations adapted to the preferences of generations Z and Y.

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  • Xie, Xiaohong & Osińska, Magdalena & Szczepaniak, Małgorzata, 2023. "Do young generations save for retirement? Ensuring financial security of Gen Z and Gen Y," Journal of Policy Modeling, Elsevier, vol. 45(3), pages 644-668.
    • Handle: RePEc:eee:jpolmo:v:45:y:2023:i:3:p:644-668
    DOI: 10.1016/j.jpolmod.2023.05.003
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    3. Xiaohong Xie & Magdalena Osińska, 2025. "Decoding public sentiment on pension policies in China through natural language processing," Bank i Kredyt, Narodowy Bank Polski, vol. 56(5), pages 613-642.
    4. Rutecka-Góra Joanna & Pieńkowska-Kamieniecka Sylwia & Walczak Damian, 2025. "Retirement attitudes in Poland and Southeast Europe," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 21(4), pages 94-107.

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