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Regardless of age, when I talk to people about their financial lives, the word retirement usually comes up. If they are over 50, the question is: “Can I retire?" But if they are younger, it becomes, "Will I ever retire?”

The difference has a lot to do with the luck of a generation. For Baby Boomers (1946–1964) and older Gen X-ers (1965–1980), the economic system has generally (not universally) worked pretty well. People started working, bought houses, contributed to retirement accounts and, as a result, have been able to plan for a time when they could take the foot off the gas and call it quits.

But for some younger Gen X, Millennial (1981–1996) and Gen Z (born after 1996) workers, there is a sense of “financial nihilism,” a deep sense that "the economic system no longer rewards prudence or long-term planning," according to Morgan Camp of the World Economic Forum (WEF).

This is consistent with findings from a recent Northwestern Mutual study, which found 80 percent of Gen Z and 75% of Millennials feel behind financially. Many turn to non-traditional ways to build wealth, from crypto bets to prediction markets, and even online gambling.

Before you complain that every generation has its bad luck, let's look at some numbers. Over the last 35 years, the cost of college has skyrocketed, and many turned to loans to finance their degrees. While grads earn more than non-grads, Camp notes that the median wage for a bachelor's degree holder, adjusted for inflation, has barely moved from $58,138 in 1990 to $60,000 today.

The younger generation is also burdened by the idea that homeownership is part of the “American Dream.” The Northwestern Mutual survey found that 75% of U.S. adults agree homeownership is essential to building wealth, but about half of Gen Z and Millennials say they can't afford the down payment or maintenance of a home.

That makes sense because, according to Camp at the WEF, “in 1990, the median American home cost 3.2 times the median household income. Today it costs 5 times the median income, and for someone aged 20–34, closer to 8 times their annual salary.” Wow!

Another reason some are channeling financial nihilism into big bets on volatile products is that many do not have retirement plans available to them. According to Torsten Slok of Apollo, “nearly half of working-age Americans don't have a retirement account, with the shortfall most acute among younger, less-educated and lower-income workers.”

Lack of access to a work-based retirement plan has long been an issue, according to labor economist Teresa Ghilarducci, a passionate advocate for guaranteeing retirement security for all Americans. She has turned her research into a bipartisan lobbying effort to make retirement accounts available to all workers — which used to seem like a pipe dream, but with the advent of Trump Accounts, may gain traction.

Changing the system will take time, so what's the answer for navigating retirement across all generations?

First, it's important for oldsters like me to take a breath before doling out advice. As economic commentator Kyla Scanlon has written, “Young adults aren't confused or bamboozled by the risks they're taking. They understand them. They're responding to an economy where the usual advice no longer lines up cleanly with outcomes.”

Next, stop guessing and start planning. Instead of doom scrolling or following a “fin-fluencer” on social media, crunching the numbers can provide agency. Using one of the many retirement calculators can provide valuable insights and show how the magic of compounding can work for younger and older savers alike.

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(Jill Schlesinger, CFP, is a CBS News business analyst. A former options trader and CIO of an investment advisory firm, she welcomes comments and questions at askjill@jillonmoney.com. Check her website at www.jillonmoney.com)

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