Young professionals must balance existing obligations — like student or car loan payments — with the responsibility of newfound financial independence. A Million Dollar Round Table study revealed despite a desire to eventually retire, 91% of millennials have no financial plans for retirement. Future financial security is a low priority, if it even makes it to the budget in the first place. It’s a challenge for young employees to live on their own for the first time and focus on retirement planning.
So what’s new? Every generation faces problems and obstacles. Every generation must balance obligations.
Why is it that Millennials don’t have a clue? Imagine spending a small fortune on college and incurring loans and then admit “Future financial security is a low priority, if it even makes it to the budget in the first place.” I guess that is not all that unexpected given many of these whiz kids incur college loans in areas where a job’s salary provides a slim chance of paying back the loans (or they simply never intend to).
Here is an interesting observation. Just under 50% of Millennials say they will have enough money for retirement while 91% have no current financial plan. These are America’s real dreamers or they have moved so far left they are counting on a Social Security income replacement of 80%🤑