Behavioral Finance: Future ShockMore than one in three American workers today are Millennials, or adults ages 18 through 34. In 2015, this group surpassed Generation X to become the largest share of the U.S. work force, according to a Pew Research Center analysis of U.S. Census Bureau data. A survey by BMO Wealth Management finds only 10% of Millennials consider retirement planning a current priority. Meanwhile, 37% say retirement is “too far away to address as a main goal,” particularly in light of more pressing financial responsibilities such as saving for a first home or car purchase. Fully 22% of respondents would prefer to pay off their accumulated debts first, before they start to save for retirement. Stephen Williams, senior vice president of wealth planning at BMO Wealth Management, in Chicago, calls the survey results troubling.Read more > |
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