It seems that every day there is a constant stream of negative commentary going around about Millennials, and particularly about their financial lives. Headlines want to portray Millennials as nothing but aimless young adults. You’ve all read the news, seen TV and heard the pundits, who want you to believe that Millennials are too entitled to take even the slighted step forward to owning and managing their financial lives.
But these headlines couldn’t be farther from the truth about Millennials’ emerging abilities to save. Recent research from the Transamerica Center for Retirement Studies has a lot of optimistic facts about Millennials’ savings behaviors and retirement readiness. The findings may even undermine commonly held misconceptions about our generation.
Here are 5 facts that demonstrate that Millennials are on a positive course to starting their retirement planning and investing:
- 74% of Millennials are working full-time,
- 66% have either undertaken or finished their bachelor’s degrees,
- 68% of Millennials are “very” or “somewhat” confident that they will be able to someday fully retire with a comfortable lifestyle,
- 71% participate in their employer-sponsored 401(k) if offered one, and
- 22 is the median age Millennials have started to save for retirement.
These savings and investing patterns are impressive, and Millennials should take pride in their apparent jump start to saving and investing. These numbers indicate that Millennials are well-educated, working and and taking the right steps to own their financial lives. I hope these findings provide inspiration to you, demonstrating that we aren’t doing too bad.
In the next post, I’ll go over the facts about Millennials’ savings and investing behaviors that show room for improvement, which can be addressed by building your DIY mentality and capabilities.
Stay tuned! To get this blog started, I’ll be taking inspiration from my upcoming book, From Millennial to Millionaire: DIY 401(k) – 5 Do-It-Yourself Steps for the Digital Generation to Design and Manage their 401(k), to write blog posts. My new book should be available in eBook and paperback on Amazon by summer 2017.