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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