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Millennials Outperforming Older Generations in Retirement Readiness

| June 21, 2016
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Retirement
From a study conducted by Ramsey Solutions

Eighteen years ago, as the first Millennials began to trickle into the workforce, older generations chose to view their advanced knowledge of technology and tendency to challenge the status quo negatively, labeling the group as nothing more than smartphone-addicted whiners with no work ethic.

Now, nearly two decades later, those older generations may be surprised to learn that Millennials are doing as well as, and in some ways better than, they are—at least when it comes to retirement.

  • 58% of Millennials are currently saving for retirement.
  • Millennials are as likely to know how much money they’ll need to retire as baby boomers or Gen Xers.
  • Millennials begin saving for retirement at an average age of 23.

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