Higher numbers of Millennials enroll in their company-sponsored retirement plans if their company automatically enrolls them in it, according to new statistics from Wells Fargo Retirement. In companies that do not automatically enroll eligible employees, just 13.4 percent of Millennials participate in the plan.
For its research, Wells Fargo analyzed a subset of 1 million eligible Millennial participants in retirement plans that Wells Fargo administers.
The research also found that Millennials in plans that offer automatic enrollment participate nearly five times as often as those in plans without auto enroll. Millennial participation has dropped 22 percent in the past year in plans without auto enrollment.
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