Millennials, aka Generation Y, aka born between 1980 and 2000, are having a tough time putting money into defined contribution plans like their company 401(k), IRA’s, 403(b)’s, and other defined contribution plans that are available to them.

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One of the main reasons is that saving for retirement doesn’t seem to resonate with this generation yet. Most of the Millennials aren’t even contemplating retirement and are instead more focused on financial freedom and more control of their work-life balance.

A survey by Hearts & Wallets found out that 38% of millennials are focused on saving to have enough money to be able to work less.

Another trend is that the Millennials who are saving money would rather have that money available and liquid (without penalty), so they are more likely to have it in an online brokerage account instead of a defined contribution plan.

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3 replies
  1. Ismael Melendez
    Ismael Melendez says:

    I usually don't post on these type of videos but I think it's negligent to not mention how Millennials who want to save are unable to do due to student loan debt, increase in housing costs, stagnant wages, and other important factors that affect savings. Instead you make this video pushing the agenda that Millennials don't like putting money into a Roth IRA or 401k because they want to use it for frivolous activities. So the title you made is deceptive and made to make people think (perhaps to buy whatever your selling) that most Millennials don't care about their future which is entirely untrue.

  2. Rizuzua
    Rizuzua says:

    Perhaps they also don't have time for "maybe" the government won't bankrupt them?

    Seems logical! Layer in the bankruptcy danger the nation has due to congress, the markets being overvalued massively, and their debts taking tracts of any possible savings and you have a hot pile of millenials avoiding obvious "traps" of very limited liquidity.


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