The percentage of workers who do not feel confident they will be able to retire with the lifestyle they want has more than doubled since 2021, according to BlackRock’s 2023 Read on Retirement report, increasing from 10% of workers two years ago to 24% now. The report surveyed 1,339 savers with workplace retirement accounts; 1,319 savers with independent retirement account;, and 304 retirees.

And though they have the longest until retirement, Gen Z is the least confident: 31% of the youngest generation of workers don’t think they will save enough, compared with 23% of millennials, 24% of Gen X, and 20% of baby boomers.

Every generation has their own problems and financial hurdles to overcome, and it can be easy to dismiss the worries of those who still have decades until retirement. But financial advisors say Gen Z’s lack of confidence is not unwarranted. Many of them started working in the midst of an economic crisis, right as prices for everything from food to housing skyrocketed.

“Generation Z are starting their careers in a very difficult financial time,” says Clark D. Randall, a Texas-based certified financial planner (CFP) and director of financial planning at Creekmur Wealth Advisors. “They’re facing unprecedented inflation and a housing market with tight supply and high interest rates. They hear about the problems with the Social Security trust fund.”

Not being able to afford to buy a home means spending on higher rent costs. And then there’s student loan debt—not to mention that Gen Z has already “directly witnessed two dramatic market downturns,” says Charlie Pastor, a CFP and contributing expert at the Motley Fool’s Ascent. Then there’s the climate crisis, which is compounding their pessimism about the future.

It’s enough to shake anyone’s confidence, but especially young people who, generally speaking, haven’t worked long enough to have a financial safety net to fall back on.

“The onset of the COVID-19 pandemic rocked the economy as Gen Z entered young adulthood,” says Pastor. “Older generations should understand that the next generation of savers has seen a lot of economic turbulence in a short period of time.”

According to BlackRock’s survey, 71% of Gen Zers say they don’t understand enough about their investments to manage them themselves, the highest share of any generation. Financial advisors say a good place to start gaining confidence in their financial future is to learn the basics of long-term investing.

One silver lining: Though they may lack confidence in their ability to save for their ideal future, surveys show that Gen Z is investing more for retirement than older generations at the same age. That’s a good sign.

“For now, it is important that members of Gen Z stay diligent and focus on the long term when saving and investing,” says Pastor.