For once, a positive article written about the Millennial generation. If the crash of 2008 taught them anything, it’s that financial security is a myth. Setting aside any criticisms of 401(k) plans, I would say this is a sign that the Millennial generation is much more forward thinking and not as aloof as typically described.
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Young adults are outpacing Baby Boomers and Gen X when it comes to getting a head start on their 401(k)s.
You may have heard that Millennials are taking saving more seriously than Gen X-ers and Baby Boomers did at their age. But their financial prospects look much worse, given student loan debts, high unemployment, and shaky entitlement programs.
Those are the findings of a just-released study by Transamerica Center for Retirement Studies, which surveyed more than 1,000 Millennials in the work force. “Millennials have seen what happened to their parents, many of whom lost their jobs and savings in the financial crisis—and they are taking steps to avoid a similar outcome,” says Catherine Collinson, president of the Transamerica center.