Gen Z showing highest levels of retirement confidence: MLC

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Gen Z has overtaken Millennials as the most retirement-confident generation in Australia, with MLC linking this to increased economic pressure prompting many to take control of their finances. This is despite the fact that Gen Z remains largely advice-averse, as well as demonstrating lower levels of financial literacy than other generations. According to MLC’s Real Retirement Report, 45 per cent of Gen zs are extremely or very confident in their financial knowledge, up from 30 per cent in 2024.

This now surpasses Millennials, who, in the same category, saw 42 per cent state they were confident, though this is still up from 35 per cent in 2024. The research also found Gen Z are more likely than any other generation to believe they can meet their financial needs in retirement (37 per cent) and expect to retire earliest, at 63. Retirement is also being seen as an important life goal for Gen Z, with having enough money to retire now ranking equal third with home ownership in terms of long-term financial goals (45 per cent). It still tanks behind work life balance (52 per cent) and financial independence (46 per cent). 

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