Millennials Want Investments That Change Theirs' and Others' Lives – Planadviser.com

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Nearly seven out of 10 Millennials (69%) believe individuals have primary responsibility for taking steps to ensure they have a secure retirement, according to a survey of 1,200 investors from Capital Group, home of American Funds.

However, a number of Millennials believe employers (13%) or the government (14%) have the most responsibility for ensuring people have a secure retirement. Millennials see access to a retirement savings plan as a basic expectation from employers. Eighty percent of Millennials believe all employers should be expected to provide a retirement savings option.

Nine out of 10 Millennials (91%) surveyed report that they contribute to a 401(k) or individual retirement account (IRA). Saving for retirement ranks second only to paying the rent or mortgage on Millennials’ financial priorities list. One in five Millennials (22%) rank retirement saving as their number one financial priority.

Three-quarters of Millennials (75%) say their employer does a good job of explaining retirement investing options. Seventy-one percent are aware of employer 401(k) matching contributions as a way to help people save more for retirement.

Millennials tend to worry more about near-term finances like current income (34%), paying off their loans (34%) and paying for their children’s education (31%) than Gen Xers and Boomers. However, Millennials are considerably less worried than Generation X about having enough money to retire: 62% of Gen Xers say that not having enough money to retire keeps them awake at night, compared to 53% of Millennials and 51% of Boomers.

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