Data and Research

Millennials Overly Hopeful About Retirement

By Corie Hengst editors@plansponsor.com | April 20, 2016
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Millennials are interested in retirement solutions tailored to their lifestyle. More than half (54%) of Millennials say they would be likely to seek a professional’s advice when investing. They also want fast, convenient ways to view their account information. Millennial retirement savers are more than twice as likely than people age 45 and older to say if they were able to access their retirement savings account on their mobile device, they would check it daily (15% vs. 6%, respectively). The survey finds that 6% of Millennial retirement savers don’t ever look at the balance of their retirement savings accounts.

“Mobile banking led the way for everyday financial literacy, and soon mobile retirement planning is going to catch up,” Harris says. “Once people had the ability to interact more with their finances, they did—and the ripple effect is echoing loud and clear: 94% of Millennial retirement savers want mobile access to their retirement accounts. The need to demystify retirement is colossal, and when mobile access becomes the industry standard, financial planning on all fronts will finally see a full revolution.”

Personal Capital provides retirement planning tools and advisory services. To learn more about its retirement planning tools, click here.

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