Debt Weighs Heavily on Millennials
They may be grappling with debt for decades to come, according to Nationwide Advisory Solutions.
Tag: Millennials
For Millennials, Market Volatility Can Bring Opportunity
While workers with nearer retirement dates fret stock market volatility, Millennials have the chance to buy discounted shares and enjoy compounding returns.
Millennials the Most Likely to Own Mutual Funds in Their Retirement Plan
Nearly half owned their funds only through their employer-sponsored retirement plans, according to the ICI.
Women Plan to Take Steps to Make Their Money Grow
However, only 24% of women say they are comfortable with their knowledge on investing, Fidelity Investments found.
Nearly One-Quarter of Participants in the Dark on Their Allocations
Among those who know how their 401(k) assets are allocated, they had 51% of their assets in equities, Legg Mason learned in a survey.
Millennials the Most Motivated to Develop a Financial Plan
Twenty-nine percent say financial planning makes them feel “excited and inspired,” a survey by Northwestern Mutual found.
Millennials Not Confident About Making Investing Decisions
They are also not interested in robo advisers, preferring to work with financial professionals in person.
Millennials Save More in ETFs and Cash
A Charles Schwab SDBA report says the group allocated to ETFs and saved cash at a higher rate than other generations.
Young Investors Overly Confident About Retirement
Nearly sixty percent have taken an early withdrawal from their retirement account.
Millennials Open to Investment Advice and Help Planning for Retirement
Asked what they look for in an adviser, Millennials say experience, followed by someone with similar demographic qualities as themselves.
LendEDU Says Millennial Spending Habits Won’t Impede Retirement Savings
The average Millennial spends over $30 on coffee per month, but will also, on average, save $480 for retirement in the same time frame.
Most Millennials Have Appropriate Allocations
This is despite having lived through two bear markets.
Millennials Value Financial Planning as Much as a Bonus
They also believe having an adviser they can trust is important for their financial confidence.
Millennials Reluctant to Invest in the Market
However, there are things retirement plan advisers and sponsors can do to encourage them to take on more risk.
Millennials Benefiting from Retirement Plan Modernization
They are on track to replace 75% of their income, compared to 64% for Americans overall.
Gen X, Millennials May Have Misguided Retirement Expectations
More than one-third of Gen Xers and Millennials have no retirement savings, and although many expect to rely on Social Security for a major portion of retirement income, they have no intention of maximizing their benefits, a survey finds.
Female Millennials Have 34% Less Saved Than Their Male Counterparts
The women are also far more risk-averse, PNC Investments learned in a survey.
Millennials Expect to Retire at Age 56
Fifty-three percent expect to become millionaires, TD Ameritrade found in a survey.
Millennials Better Prepared for Retirement than Their Parents
More than half have set specific retirement goals, J.D. Power learned in a survey
RIAs Predict 41% of New Clients Will Be Gen X, Millennials by 2023
This will mean shifting their current focus from Baby Boomers, TD Ameritrade learned in a survey.