Millennials are the largest demographic cohort in the nation, U.S Census Bureau data shows. And up to 80 percent are already saving in their employer-sponsored retirement plans, according to a 2015 report from Bank of America Merrill Lynch. The newest generation of workers—which the Pew Research Center defines as those born between 1981 and 1997—has exhibited distinctive attitudes and behaviors that plan sponsors and their … Continue reading Millennial Workers Require Special Plan Sponsor Menu Design
Too often, we hear the younger generation of workers tell us saving for retirement is not high on their priority list. It’s easy to understand why retirement may not be a main priority. Instead of thinking about the long-term financial impact of ending their careers, most young workers today are focused on launching their careers. However, what the younger generation needs to understand is that … Continue reading I’m Too Young to Save for Retirement!
Millennials vs. Generation Xers and Baby Boomers Contrary to their reputation, Millennials stack up surprisingly well against Baby Boomers and Gen Xers across key financial wellness indicators, including debt and savings rates. However, Millennials diverge when it comes to investing for the future.1 For example, Millennials are saving nearly as much for retirement as Baby Boomers (as a percentage of annual salary) and are more … Continue reading Financial Wellness Insights
In John Hancock Retirement Plan Services’ 2014 annual Financial Stress Survey¹, they discovered that working Millennials² experienced financial stress of a more immediate nature than their older counterparts. Almost a third of working Millennials say they are too worried about their current situation to plan for retirement. Sixty-six percent do not own a home. Fifty-nine percent feel overwhelmed. Fifty-five percent rate their financial situation fair … Continue reading Current Stresses Eclipse Retirement Planning for Working Millennials