Much has been made about Millennials — those born between the 1980s and the 2000s — and their entitlement, technology addiction and propensity to “Keep Up with the Kardashians.” As a card-carrying Millennial, I’ve grown a bit weary of the endless analysis. But the media’s obsession with categorizing my generation seems apt in light of the estimation that by 2020, over 50 percent of the workforce will be made up of Millennials.
And with that in mind, understanding the way that Millennials approach saving can help employers provide better resources to encourage them to plan for retirement. Recent surveys indicate that Millennials are more guarded about retirement savings than older generations. Given that, it seems to follow they’re also concerned about how long their retirement will last: the majority surveyed is interested in an investment plan that offers a monthly payment during retirement. However, 72 percent of Americans age 18-34 are unaware of what annuities are. Read more here.
What special education do you provide Millennials about participating in employer-sponsored retirement plans?
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