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Young Can’t Afford To Save

Young workers lack the resources to start saving effectively for retirement, despite enthusiasm over employer-sponsored retirement plans, says a global report from the Transamerica Center for Retirement Studies in conjunction with Aegon. ‘The Changing Face of Retirement: The Young, Pragmatic, and Penniless Generation’ says roadblocks to young workers trying to secure their retirement include high levels of student debt and scarce job prospects. This has resulted in a majority (59%) of workers in their 20s from a dozen developed countries in North America, Europe, and Asia expecting to be worse off financially than their parents when reaching retirement. The study shows young workers already recognize the potential value of employer benefit programs, with 87% saying a workplace retirement plan with employer-match contributions will be an important factor when choosing their next job.

Courtesy of Benefits and Pensions Monitor website News Alerts

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