A retirement crisis is on the way, and the generation most likely to be affected by it is the group that’s paying the least attention. For now.
It should come as no surprise that the youngest and largest generation in the workforce has trouble focusing on retirement. Millennials face unique challenges that we did not encounter at their stage. The vast majority of their generation entered the workforce during the Great Recession and its aftermath. Rising college costs and a tuition funding system increasingly reliant on loans have resulted in the largest student loan debt on record. Financial concerns have pushed out millennials’ timing for buying a home, getting married and having children. That’s why saving for retirement does not make the top of life’s list for this generation.