Some good news for retirement savers: Fidelity's Q2 2023 Retirement Analysis revealed several promising trends across all generations but especially among younger savers. Driven by steady employer and employee contributions along with favorable market conditions, retirement account balances across generations increased for the third straight quarter, led by Gen Z workers, whose 401(k) balances increased 66% during the previous year.

Young investors between the ages of 18 and 35 also saw a 34.4% increase in IRA accounts year-over-year and a 34.8% increase for females in this age bracket.

"I am so encouraged to see the leaps young investors are making when it comes to their retirement savings, across both 401(k)s and IRAs," said Joanna Rotenberg, president of personal investing at Fidelity Investments. "Investing at a young age not only allows your money the opportunity to grow to a level that will have a major financial impact on your future, but also presents an opportunity to learn about investing, try new things, and ultimately set yourself up for a successful financial future."