Part 4: Personal Interest – Employment and Investments
Millennials view money as a major motivating force in their lives. They may ascribe noble reasons for wanting to acquire income and wealth, but obtaining and saving money are huge issues for them. A new study released in May 2013 from Merril Edge indicates that Millennials are beginning to save for retirement earlier than any other generation. An article published in the Courier-Journal Newspaper entitled, “Millennials More Likely to Get Early Start on Retirement Savings,” states that many are investing by age 22 compared to Baby boomers who started on average at age 35. The study on mass-affluent Millennials, those with $50,000 to $250,000 in assets, reveals that on average, this age group has $55,000 saved for retirement. Merrill Edge Director Alok Prasad states this is “quite impressive,” and adds, “They are a lot more disciplined in terms of thinking ahead and being proactive about saving for the future.” The penchant for saving was formed after living through two economic downturns, the dot-com bust and Great Recession, and watching their parents struggle because of high unemployment and economic uncertainty.Excerpts from my research paper, The Millennials, will be posted August 26th-31st as a seven-part series. This paper was written in partial fulfillment of course work for the Masters of Theology program at Campbellsville University, June 2013. All rights reserved.
A Prudential survey released in December 2012 revealed that lower-earning Millennials are participating in 40l(k) plans at significantly higher rates than Baby boomers their same age. Approximately 70 percent of workers age 21 to 29 eligible for 401(k) plans who earn less than $50,000 participate in the plans compared with 40 percent participation for boomers. That number increases to 91 percent for Millennials making more than $50,000.
Remember, it is not Mohammad, Buddha, Confucius, nor New Age that saves. Jesus Saves! Jesus Saves Ministries Celebrating 8 Years of Lifting Up Jesus Christ!