Millennials slam ‘out of touch’ savings advice
NBC journalist Jean Chatzky said workers should have saved their annual income by the age of 30

Twitter has erupted in outrage after a financial journalist advised millennials to save three times their annual income by the age of 40.
Struggling young workers poured out their scorn and frustration after Jean Chatzky, financial editor on NBC’s Today show, shared her saving guidance to ensure a comfortable retirement:
The advice immediately drew the attention of cash-strapped millennials, who were quick to point out that this seemingly simple formula was anything but:
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
For many, Chatzky’s advice was just another example of the older generation’s failure to understand that economic changes, high rents and rising living costs mean have left many younger workers on a financial knife-edge:
Many were reminded of the “avocado toast” controversy of May 2017, when a Melbourne property tycoon blamed millennials’ spending habits for their struggle to get on the property ladder.
“When I was trying to buy my first home, I wasn't buying smashed avocado for $19 and four coffees at $4 each,” Tim Gurner said in an interview that quickly went viral.
Others expressed despair that this “ideal” saving scenario was so far removed from the reality of most employees - and cast doubt on the idea of today’s young workers being able to enjoy a traditional retirement at all:
However, at least one person saw the bright side of the formula:
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Critics’ choice: Restaurants worthy of their buzz
feature A fun bistro, a reservation worth the wait, and a modern twist on Mexican dishes
By The Week US Published
-
Film reviews: Snow White, Death of a Unicorn, and The Alto Knights
Feature A makeover for Disney’s first animated feature, greedy humans earn nature’s wrath, and a feud between crime bosses rattles the mob
By The Week US Published
-
Bombs or talks: What’s next in the US-Iran showdown?
Talking Points US gives Tehran a two-month deadline to deal
By Joel Mathis, The Week US Published
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson Published
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US Published
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK Published
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US Published
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff Published
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK Published
-
Romania's election rerun
The Explainer Shock result of presidential election has been annulled following allegations of Russian interference
By Sorcha Bradley, The Week UK Published
-
Russia's shadow war in Europe
Talking Point Steering clear of open conflict, Moscow is slowly ratcheting up the pressure on Nato rivals to see what it can get away with.
By The Week UK Published