Retirement savings tracking challenges face younger workers

A study by Empower reveals that many workers are losing track of retirement savings from previous employers. Approximately 50% of Gen Z and 45% of Millennials report they may have lost track of these funds, compared to 30% of Gen X and 14% of Baby Boomers. Furthermore, 57% of Gen Z and 45% of Millennials expressed a lack of confidence in their ability to locate all their retirement savings today.

Managing these accounts often becomes a low priority for workers, with 54% of those surveyed placing retirement management at the bottom of their financial to-do lists. The complexity of tracking funds increases with career mobility; 53% of Americans surveyed have changed employers three or more times. The scale of these assets is significant, with 401(k) plans holding approximately $10.8 trillion in assets as of June 2026, according to the Investment Company Institute.