Why a Roth IRA is ‘the golden egg’ for young people [Video]

Few Gen Z adults are saving for retirement.

Just in 1 in 5 members of Gen Z, those born between 1997 and 2012, are contributing to a retirement account, according to a recent Bank of America survey.

That hesitancy to invest might be driven by fear, as “a lot of people feel very financially vulnerable,” Kamila Elliott, a certified financial planner and co-founder and CEO of Collective Wealth Partners, previously told CNBC Make It.

“It’s really necessary to be participating in the market to be able to achieve your investment or asset goals,” Elliot said. “That’s one thing we talk about with young people: You have to think long term.”

But that kind of thinking might be hard to do if your career is just starting or you don’t have a robust financial education, says Winnie Sun, co-founder of Sun Group Wealth Partners.

“They probably don’t have as much income just yet, and they still have a lot of expenses,” Sun …