Affluent Millennials Don’t Think They’ll Retire By 65

Millennial 401k participation

Report finds Millennial savers are catching up fast to previous generations

Nearly half of affluent Millennials think they will be forced to work beyond retirement age according to findings from a new survey, released Oct. 2 by Investopedia.

While Millennials see investing as the primary vehicle for saving for the future, they also find it overwhelming and intimidating, the survey found. However, those who learn about investing at an early age are more likely to feel confident about their own financial decisions.

Investopedia partnered with Chirp Research to conduct the nationwide survey of affluent Millennials (a population with the means to invest, with an average HHI of$132,000) to understand their investment goals, retirement plans, and the barriers to investing.

“This is the first generation that entered their professional lives in the wake of the 2008 financial crisis,” said Caleb Silver, Investopedia Editor in Chief. “Despite financial technology becoming readily accessible to them, many still feel that they lack enough financial and investing knowledge to get started.”

Other key findings from the study:

Investing seen as overwhelming and intimidating

Financial education driving investment behavior

Financial advisors a trusted source of education

“The survey paints a picture of a generation that is trying to tackle planning for the long term while perceiving investing as risky, all despite having the funds to invest. Critically, the single factor in this study that best predicted being invested—and achieving better results—was financial education. This represents a huge opportunity to better support Millennial consumers in their financial journey,” said Dr.Joetta Gobell, Vice President of Research and Insights at Dotdash, Investopedia’s parent company.

To learn more about the study, click here.

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