Millennial
Financial Concerns
Millennial workers (born 1979 - 2000) are a digital do-it-yourself generation of retirement savers. Millennials are getting an early and strong start with their retirement savings. Seventy-one percent are saving for retirement through an employer-sponsored 401(k) or similar plan and/or outside of work. They began saving for retirement at age 24 (median), an age that is younger than prior generations. Among those who are participating in a 401(k) or similar plan through their employer, Millennials are contributing 10 percent (median) of their annual salaries.
More than half (53 percent) expect their primary source of retirement income to be self-funded through retirement accounts (e.g., 401(k)s, 403(b)s, IRAs) or other savings and investments. Millennials have saved $23,000 in all household retirement accounts
(estimated median).
Given their relatively young age, Millennials are surprisingly engaged in the topic of retirement. One in five Millennials (21 percent) frequently discuss savings, investing, and planning for retirement with family and friends, which is significantly higher than for the older generations. Almost three in four (72 percent) indicate they do not know as much as they should about retirement investing – and just as many (72 percent) would like to receive more information and advice from their employers on how to achieve their retirement goals.
Collinson, Catherine, et al. “What Is ‘Retirement’? Three Generations Prepare for Older Age 19th Annual Transamerica Retirement Survey of Workers.” What Is “Retirement”? Three Generations Prepare for Older Age 19th Annual Transamerica Retirement Survey of Workers, Transamerica, Apr. 2019, transamericacenter.org/docs/default-source/retirement-survey-of-workers/tcrs2019_sr_what_is_retirement_by_generation.pdf. Page 10.
Main Topics
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