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Millennials, the generation born between the early 1980s and the mid-to-late 1990s, make up about one-third of todays U.S. workforce. They are better educated than previous generations, with a greater proportion of them possessing a college degree. Because they have lived through the Great Recession, they are more risk averse. They are also more likely to begin to save earlier in their careers.
Many millennials believe they will need to take action on their own to save for their retirement. Four out of five millennials surveyed are worried that Social Security will not be there for them when they are ready to retire. Not surprisingly, 55% cite self-funded savings as the expected primary source of retirement income according to a recent survey by the Transamerica Center for Retirement Studies.
But todays 53 million millennial workers face challenges when it comes to saving and investing for their retirement. This generation is disproportionally burdened by money-related stress, with 24% reporting that student loan debt is the source of this stress, according to a recent survey by Charles Schwab. And 72% of millennial workers surveyed by Transamerica agree that they do not know as much as they should about retirement investing and, among those participating in a retirement plan, a quarter admit to being unsure of how their savings are invested.
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