Young Americans are focused on enjoying life but might still be in a better position to retire comfortably than older generations, study shows — is it time to learn from your kids?

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From doom spending to racking up credit card debt, young people aren’t often referred to as financial role models.

But it turns out that assumption just might be wrong. According to a survey by financial services company Empower, the kids are financially alright.

“Gen Zers’ early start on retirement savings points to their focus on financial goals to enjoy life in the here and now, while being able to retire comfortably,” the survey explained.

Here’s why older Americans might want to steal a page from Gen Z’s financial playbook.

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Early thoughts of retirement

The Empower study, which surveyed more than 1,000 Americans about their spending and saving habits, revealed that Gen Z is planning early for their retirement. On average, they’ve started setting aside money at age 23 — a full seven years younger than the national average of 30.

The younger generation is watching the number of seniors grow, while facing the reality that 28% of Americans — some of whom may be Gen Z’s own parents — don’t have any retirement savings, according to the Federal Reserve. And for many seniors, Social Security isn’t enough to live on right now — and it may shrink further in the next decade.

No matter what generation you belong to, one easy way to alleviate some of that worry is to start putting money into a retirement account, like an IRA or 401(k), sooner rather than later.

When you open a Gold IRA with American Hartford Gold you get the tax advantages of a traditional IRA with the inflation-hedging properties of gold.

Opting for a Gold IRA gives you the opportunity to diversify your portfolio and stabilize your finances by allowing by investing directly in physical precious metals rather than stocks and bonds.

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Long-term support

It turns out that kids care about their parents a lot. When it comes to financial planning, 21% of Gen Zers are factoring in support for aging relatives, according to the Empower survey.

There’s another way, in addition to contributing to a retirement account, that you and your kids can plan for whatever the future brings.

No one ever feels ready to start thinking about life insurance. But the truth is, the younger you are when you purchase a policy, the lower your premiums will typically be.

Life insurance can be used to help replace lost income, cover outstanding debts, finance children's education and pay for funeral costs — and term life insurance is a flexible option for anyone seeking affordable coverage while trying to balance other financial priorities.

By opting for term life insurance through an online provider like Ethos, you are helping to ensure that your family will be taken care of if the worst happens.

To get a free cost and coverage estimate, just answer a few quick questions about yourself. Then, with just a few more clicks, you can compare coverage and choose the right policy for you and your family.

Ethos offers a simple online process doesn’t require any medical exams, instead you’ll just need to answer a few health questions, and with terms ranging from 10 to 30 years, you have plenty of options based on your needs and budget.

Get help with those tough conversations

But the most important thing for your long-term financial plan is to actually have a conversation with your kids about your financial situation, even if it’s awkward. This way, you can both figure out how they can help you as you age, but you can also pass down your wisdom to help them plan for their own futures.

If this is too taxing to do on your own, consider consulting a professional to help guide you. If you aren’t sure where to start looking for an adviser, try WiserAdvisor. After sharing some information about yourself and your finances, WiserAdvisor matches you with two or three registered financial advisers best suited to help you navigate your financial future.

You can easily view the advisors’ profiles, read past client reviews, and schedule a free consultation with no obligation to hire.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.