Search
 

Despite boomer losses, Gen Y not preparing for retirement

Though older generations face a savings crisis, research from Scottrade shows Gen Y is not retirement-minded.

By Heather Trese | Updated on May 04, 2011

It’s no secret that baby boomers are facing a retirement crisis. Yet despite the hardships faced by their parents and grandparents — including delayed retirement, investment losses, and quality of life adjustments — the majority of Generation Y members have not begun to think about retirement.

According to a new survey by online investing firm Scottrade, the majority of Gen Y (55 percent) have not started to save for retirement, and fewer than a quarter (21 percent) are actively planning for retirement. Additionally, 60 percent of Gen Y saved nothing toward retirement in the last year, and 40 percent plan to save nothing in 2011. Twenty-one percent plan to save just one or two percent of their income this year.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.