WHY ARE MILLENNIALS OVERLY WORRIED ABOUT RETIREMENT?
Although often dubbed as lazy and immature, today’s generation are highly aware of the global financial state and are more than ready for it than most people think they are. This is because they are noticeably more engaged when it comes to saving up for their future needs especially for retirement compared to the boomers, who started somewhere at the age of 35. According to studies, today’s generation start setting aside around 7.5% of their salary at 22 years old. So what caused these youngsters to develop a mindset like this?
Growing up in tough times
These set of population have witnessed the crisis, and have seen their folks lose their jobs. Some have even experienced losing their homes. On top of these, many of them are struggling with student loans and underemployment, causing them to stash a bigger portion of their money than their older relatives.
Unlike the previous times, retirees nowadays cannot live on the benefits they are entitled to get alone. This has been drilled into their heads by parents who still find themselves working at an old age. Another thing, familiarity of several plans such as the 401(k) have also raised awareness at an early stage regarding the importance of spare cash.
Nonexistent social security
While the threat of having no funds for a security plan seems like an unlikely problem before, it is now highly possible, and the young people know it. This worry creates wise saving and spending habits, as they dwell on the idea of having enough by the time they decide to settle down.
Avoidance of piling expenses
In an era where half of the world is sunk in debt, these people have enough knowledge of the consequences of overspending. They have heard several big names and businesses stumble because of it, and are cautious enough not to follow their example.
Ambitious retirement visions
Besides being competitive, majority of millennials have this idea of a relaxed lifestyle and advanced escape from their jobs. Working for an extended period of time is not included in their book, given their desire to balance their work time with their social life and time for themselves. Due to this, they have a tendency to work on their careers as early as possible, in order to earn more and save a bigger chunk of their income for future needs.
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