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.
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!
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