Talking Retirement Across Generations
In today’s workforce, the demographic ages range from Gen Z to Baby Boomers. This is a gap of approximately 60 years! Plan sponsors should be adjusting their communication strategies to better reach each generation.
To understand how to change these communication strategies, look first at the generational preferences for each age group and then how a plan sponsor can adjust messaging.
Gen Z (1997 – 2012)
Digital natives prefer concise, visual content accessible via smartphones.
Value authenticity and transparency, especially in financial wellness programs.
Life stage focus:
Learning basic financial literacy.
Moving out and becoming independent.
Saving for retirement early.
Entering the workforce.
Communication tips:
Keep wording simple and direct.
Use interactive tools (calculators, readiness quizzes).
Ensure content is mobile-friendly.
Millennials (1981 – 1996)
Extremely comfortable with technology — expect online and mobile-friendly content.
Life responsibilities may include:
Saving for a home.
Starting a family.
Paying off student loans.
Content needs:
Accessible 24/7 for convenience.
Clear language that relates to their current life stage.
Emphasis on how saving now impacts retirement outcomes.
Gen X (1965 – 1980)
Prefer straightforward information with full details to make informed decisions.
Retirement is 15–20 years away — need guidance on:
Projected income needs.
Catch-up contributions.
Known as “the sandwich generation” — balancing:
Retirement savings.
College costs for children.
Elder care for parents.
Less reliant on digital communication than younger generations.
Value human guidance — offer 1-on-1 meetings to boost engagement.
Baby Boomers (1946 – 1964)
More traditional — prefer print materials and in-person meetings.
Close to retirement — communications should include:
Clear deadlines.
Checklists for age-related milestones.
Interested in ways to increase income streams during retirement.
Sources:
Goldman Sachs (n.d.). Planning: The Missing Link to Retirement Security. Retirement Survey & Insights 2024. https://am.gs.com/cms-assets/gsam-app/documents/insights/en/2024/am-retirement-survey-2024.pdf?view=true
Sparks, P. (n.d.). Understanding Generational Differences in the Workplace. Innovative Connections. https://innovativeconnectionsinc.com/2024/04/05/understanding-generational-differences-in-the-workplace
(2024, April 10). The Art of Communicating to Employees: A Guide for Plan Sponsors. Plan Pilot. https://planpilot.com/guide-for-plan-sponsors