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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11In Fidelity’s latest cited comparison, Gen Z participants had an average 401(k) balance of $20,800 as of June 30, 2026. The averages were $94,300 for millennials, $240,700 for Gen X, and $283,200 for baby boomers. These are averages among accounts on Fidelity’s covered 401(k) platform—not medians, balances for a “typical” U.S. worker, or a measure of all retirement wealth.
Average 401(k) balances by generation
Fidelity’s Q2 2026 analysis reports the following generation-level averages, measured June 30, 2026:
| Generation | Average 401(k) balance | Employee savings rate | Employer contribution rate | With Roth 401(k) | All savings in target-date funds | With outstanding 401(k) loan |
|---|---|---|---|---|---|---|
| Gen Z | $20,800 | 7.6% | 4.0% | 21.9% | 81.0% | 8.6% |
| Millennials | $94,300 | 9.0% | 4.8% | 20.1% | 70.4% | 20.1% |
| Gen X | $240,700 | 10.6% | 5.1% | 18.3% | 55.7% | 25.7% |
| Baby boomers | $283,200 | 12.2% | 5.1% | 15.4% | 46.3% | 13.7% |
Source for every table figure: Fidelity Investments Q2 2026 Retirement Analysis. Savings rates, Roth participation, target-date-fund use, and loan incidence are Fidelity platform statistics.
What the balance gap does—and does not—show
The reported averages rise from Gen Z through millennials and Gen X to boomers. That ordering is consistent with older cohorts having had more years in which to participate and accumulate savings, but the figures do not identify the cause of the differences. Income, market performance, access to a workplace plan, contribution patterns, withdrawals, job changes, and other factors are not separated out in this comparison.
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The age ranges also matter. Fidelity attributes these birth-year definitions to Pew Research: baby boomers, 1946–1964; Gen X, 1965–1980; millennials, 1981–1996; and Gen Z, 1997–2012. These are not age-matched groups. A balance comparison across generations therefore cannot tell you whether your account is ahead of or behind people at the same age.
The figures are averages, which can be pulled upward by participants with large balances. Fidelity does not provide a comparable median balance for these four cohorts in this comparison. Nor is a 401(k) the whole retirement picture: a person may also have savings in IRAs, brokerage or savings accounts, CDs, real estate, or health savings accounts. Fidelity’s retirement-savings explainer discusses these other holdings, but the cited cohort table does not combine them into total retirement wealth.
Contribution rates provide additional context
Fidelity reports that employees in its covered plans contributed an average 7.6% of pay for Gen Z, 9.0% for millennials, 10.6% for Gen X, and 12.2% for boomers. Average employer contribution rates were 4.0%, 4.8%, 5.1%, and 5.1%, respectively. These rates describe different cohorts on Fidelity’s platform; they do not explain how much of the balance gap comes from contributions versus time, investment returns, or other factors.
Across all participants, Fidelity reports an average 401(k) savings rate of 14.4%, made up of 9.6% from employees and 4.8% from employers. Fidelity describes 15% of pay, including employer contributions, as its suggested annual savings benchmark. That is Fidelity’s general guideline, not an individualized recommendation; a suitable rate depends on a person’s circumstances and plan.
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Other behaviors differ across generations
The balance table also shows cohort differences in three behaviors. Gen Z had the highest reported Roth 401(k) participation and the highest share with all savings in a target-date fund. Gen X had the highest share with an outstanding 401(k) loan. These statistics describe account behavior, not which tax treatment, investment approach, or borrowing decision is right for an individual.
- Roth 401(k) participation: 21.9% of Gen Z, 20.1% of millennials, 18.3% of Gen X, and 15.4% of boomers.
- All savings in target-date funds: 81.0% of Gen Z, 70.4% of millennials, 55.7% of Gen X, and 46.3% of boomers.
- Outstanding 401(k) loan: 8.6% of Gen Z, 20.1% of millennials, 25.7% of Gen X, and 13.7% of boomers.
Who is included in the Fidelity comparison?
Fidelity says its Q2 2026 401(k) data cover 27,300 corporate defined contribution plans and 25.8 million participants as of June 30, 2026. The analysis includes the advisor-sold market and excludes the tax-exempt market. Fidelity also excludes nonqualified defined contribution plans and its own employee plans from behavioral statistics. This is a large recordkeeper dataset, not a census of U.S. workers or a complete view of household assets.
For context, Fidelity reported an overall average 401(k) balance of $155,800 as of June 30, 2026, up 10% from Q1 2026 and 13% year over year. That is a platform-wide average, not a generation-specific or median figure. The prior March 31, 2026 explainer snapshot listed averages of $18,000 for Gen Z, $82,600 for millennials, $215,600 for Gen X, and $260,300 for boomers; those are earlier measurements, so they should not be mixed with the Q2 figures as though they were from the same date.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to make a useful comparison with your own account
A generation-wide average is a limited benchmark for an individual. If you want to compare published figures, keep the measures and populations consistent:
Quick Recap
- Compare the same account type, such as 401(k) with 401(k), rather than mixing it with IRA balances or total assets.
- Use figures from the same provider and measurement date, and check whether each number is an average or a median.
- Check which workers and plans are included; a recordkeeper’s participant population is not necessarily representative of every worker.
- Consider your own age, years of participation, pay, employer contributions, and account history rather than treating the cohort average as a target.
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