Gen Z 401(k) Balances Average $20,800, Fidelity Data Shows Record $155,800 Overall

Gen Z workers held an average of $20,800 in their 401(k) accounts as of June 30, 2026, according to Fidelity data released Monday, far below millennials at $94,300, Gen Xers at $240,700, and baby boomers at $283,200. The firm's overall average balance reached a record $155,800 in the second quarter, up 10.5% from the first quarter—the strongest quarterly growth since late 2020. Despite lower balances, Gen Z is saving earlier than prior generations. Workers aged 20 to 24 averaged $7,700 in the first quarter of 2026, while those aged 25 to 29 averaged $26,600. Gen Z contributes 11.6% of pay to retirement accounts including employer contributions, versus 13.8% for millennials and 15.7% for Gen X. Northwestern Mutual's 2026 report found Gen Z began working with a financial advisor at an average age of 22, compared with 30 for millennials. About 58% of Gen Z expect to be retirement-ready, and they aspire to retire at age 61.