Getting Millennials to Save for Retirement
Posted On December 18, 2012
Millennials are inclined to save retirement and a few incentives might help them get over their wariness about the risks. Those are the conclusions of a new Prudential Retirement study of what will get Millennials into retirement savings.
According to the survey of Millennial employees, many of them (83%) are inclined to save for retirement by witnessing the shortfall of older generations approaching retirement age. A similar number (81%) say retirement savings is a “must.” However, nearly half of those polled see the investments as “risky.” Moreover, many of those participating in retirement plans say they are “complicated” (63%) and “intimidating” (57%).
About three-quarters say that enhanced incentives, such as an increased match for meeting an annual or quarterly savings goal. Two-thirds would be more engaged if they had some guidance and coaching. And about 6 in 10 would be more likely to participate with more group meetings and presentations about retirement investing as well as an app or interactive game that allowed them to track and explore retirement investments.