What Millennials know, don't know and should know about saving for retirement
(BPT) - While it’s never a good idea to make blanket assumptions about any group of people, Millennials, in particular, are defying stereotypes. Take, for example, the convention that holds young people are too busy spending their income to think about retirement. A recent survey by Prudential Financial indicates this is far from true of Millennials – Americans born between the early 1980s and the early 2000s.
While their retirement days may be in their distant future, planning for those years is very much on their minds, the survey revealed. In fact, 81 percent of those surveyed agreed that saving for retirement is a must, even during a recession. Seventy-three percent say they are highly motivated to save for retirement now, and nearly half (42 percent) check their existing retirement accounts at least once a month.
“Saving for retirement ranks highly in this generation’s list of financial priorities, and we are encouraged that these younger workers are taking responsibility for their future,” says George Castineiras, senior vice president of Total Retirement Solutions for Prudential Financial. “This survey demonstrates that Millennial workers prioritize saving for retirement ahead of leisure spending, saving for a vacation or even a house.”
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