THOUGHT LEADERSHIP

The Millennial Money Myth

Why Millennials are more financially savvy than previously thought and demanding more from plan sponsors
Contrary to popular belief, research shows that Millennials are more informed about their finances than any other generation.
74% of Millennials have a written or unwritten financial plan compared to (62%) of GenXers and (58%) of Baby Boomers

Millennials are more likely to have a monthly savings goal
as compared to Gen Xers and Baby Boomers
1

Millennials are more likely to have a monthly savings goal as compared to Gen Xers and Baby Boomers

Millennials are also more likely to be aware of brokerage/investment account fees1

Millennials are also more likely to be aware of brokerage/investment account fees

Millennials are also more engaged
in their retirement plans.
Millennials are most likely to have engaged with their worksponsored retirement account in the past year in the following ways
Millenials had rebalanced more often as compared to Gen Xers and Baby Boomers1

Millennials had rebalanced more
often as compared to Gen Xers
and Baby Boomers
1

Received professional advice1

Received professional advice1

Increased contribution level1

Increased contribution level1

Have not taken any of the above actions1

Have not taken any
of the above actions
1


They’re confident in their financial future...
35% of Millennials are more confident in their ability to reach their financial goals than Gen Xers (17%) or Boomers (13%)
...but they still expect support and advice.
Confidence in their investment decisions with the added help of a financial professional

Confidence in their
investment decisions
with the added
help of a financial
professional
2

Developed their financial plans with help from a financial professional

Developed their
financial plans with
help from a financial
professional
1

checkmark

Is your plan design meeting the needs of your Millennial participants?

Based on their responses, Millennials on average were more engaged, informed, and confident about making the right investment decisions than any other group. They saw the importance of personalized advice; they value guidance and expect it from their retirement plans.


For more information on how you can help younger participants achieve better possibilities, talk to your retirement plan consultant or visit schwab.com/retirementplanservices.