Millennials Retirement struggles in the past have been centered around savings and financial wellness. Now, the retirement industry must incorporate inflation to the growing-list of concerns. Insurance and retirement contributions are poised to be impacted by inflation-fighting millennials.
In response to inflation, 19% of Millennials have cut their insurance and retirement contributions, more than any other generation, according to a recent survey.
According to recent research conducted by TalentLMS, Enrich Financial Wellness, and Tapcheck, 10% of Gen Z, 9% of Gen X and 5% of Baby Boomers have cut-back allocations to retirement and insurance! The research surveyed 1,000 full-time employees in the U.S. from October 3 to October 5, 2022.
It should be no surprise, but the desired age for retirement is quite different among generations. While the majority of Baby Boomers want to retire between ages 60 and 70, only 20% of Gen Zs prefers to retire in that age-range. (Approximately one in three of Gen Zs and Millennials, have their sights-set on retiring between the ages of 50 and 60!)
Listen to Fred Barstein’s commentary as he highlights the survey and the impact of inflation on Millennials in the most recent www.Wealthmanagement.com 401(k) Real Talk.
The survey also addresses financial wellness, retirement planning and insurance purchases.