by: Christina Pontisso
A recent study from the Transamerica Center for Retirement Studies shows that millennials (about 67%) are in fact putting money away for their retirement. An achievement that should be noted especially due to other factors that sometimes outweigh saving in order of importance. Those factors include paying off student loans, credit card bills, rent, all the while trying to launch acareer and financial independence.
“About 28% of twenty-somethings surveyed are stashing away more than 10% of their salary into a 401(k) or similar plain.” The youngest worker, surveyed, confessed to having a median savings account of $16,000 while older survey participants had an average of $45,000.
Despite saving early, millennials are not investing or allocating their assets properly. Mostly because they just don’t know how to.
Millennials must learn how to be strategic with funds especiallybecause Social Security might not be there for themwhen they retire. About 81% of participants were concerned with this.
