Each of us is now responsible for saving for our own retirement, but many young people aren’t feeling particularly optimistic about their ability to do so. Most millennials (64 percent) say they don’t expect to be able to accumulate $1 million for retirement over their lifetime, according to a Wells Fargo and GfK survey of 1,005 millennials ages 22 to 35 who are employed U.S. residents, but not working in the financial services or banking industry.
Most of the millennials in the survey (59 percent) say they have started saving something for retirement. But 41 percent of the millennials surveyed report they aren’t saving, typically because they are not earning enough money to save for retirement. Read More…
I think the big issue is that most Millenials have not been told to achieve something more than that could allow them to become millionaires. They have the Facebook, Twitter, their instant messengers. What else more do they want. They just want to be with their friends, not disrupt the world.
How can they if wages have been stagnant for decades? It has not kept up with inflation at all.
rofl that it needs to point out that it did not ask those in the financial/banking sector. That’s right because 100% of them would have said they were already millionaires in their 20s.
I’d be curious how the Boomers or Gen-Xers were surveyed.
Most of the tech millionaires and billionaires are Millenials. What does that tell ya?
Disagree. I think many do. I’m one of them. It’s just how you phrase it. Most people, even the previous generations don’t think they will be millionaires but they do think they will be comfortable in retirement. Even if they dont save a penny.
With easy credit who has time to save. We are a nation of debters. The way it was designed to be.