I’m a baby boomer and I’m embarrassed by the debt we have left in the US for future generations to pay off. Fortunately there is some hope with the new generation of workers who appear to be more fiscally responsible with their personal finances.
A new study out from Merrill Edge shows that Gen Y, defined by the study as those 18-34, is starting to save for retirement earlier than any other generation. This high savings rate reinforces data shared in the following infographic by Scarborough Research showing that 59% of Millennials are savers as opposed to spenders.
To me, the message is clear, if you want to attract Millennials you better make sure you have a good 401k program.