Millennials Start Retirement Saving Earlier, With 56% Still Fearing Shortfalls
Updated
Updated · Yahoo Finance · Jul 31
Millennials Start Retirement Saving Earlier, With 56% Still Fearing Shortfalls
3 articles · Updated · Yahoo Finance · Jul 31
Summary
BlackRock research found millennials save for retirement earlier than Gen X, take more investment risk and place greater value on financial advice.
At ages 35 to 40, millennials are already ahead of where Gen X was at the same stage, helped by wider access to 401(k)s and automatic enrollment.
Market experience also shapes behavior: millennials came of age during a long bull run and are more open to assets such as ETFs and cryptocurrency, while Gen X remains more conservative after the dot-com bust and 2008 crisis.
56% of millennials still worry they will outlive their savings, compared with 63% of Gen X, showing both generations share retirement anxiety despite different strategies.