Young Workers Overwhelmed by Debt and Housing Costs

Concern over retirement is growing among Gen Z and millennials as inflation and economic uncertainty weigh on their financial stability. According to Goldman Sachs, a significant majority of young people have taken on additional jobs to make ends meet, with 80% of Gen Z and 77% of millennials engaging in extra work outside of their primary roles.

The survey found that 76% of Gen Z respondents and 73% of millennials couldn't afford basic expenses without the added income. Financial stress is bleeding into their day-to-day commitments, with 69% of Gen Z respondents struggling to focus at work due to debt or household costs.

However, there is some good news - 44% of retirees reported stopping work between one and three years earlier than planned, indicating that many are adapting to the changing economic landscape. Nonetheless, the survey highlights a broader trend of Americans feeling less prepared for retirement, with 58% saying they're off track from their goals compared to last year's 68%.

Goldman Sachs' study suggests that housing costs and inflation are 'crowding out' retirement savings priorities, leading to a decline in savings momentum. Chris Ceder, senior retirement strategist at Goldman Sachs Asset Management, noted that 55% of respondents increased their savings in 2026, down from 61%, while 39% stayed the same.