TLB 8.6.18

MILLENNIALS ARE NOT SAVING FOR RETIREMENT BECAUSE… THE SKY IS FALLING?

A free white paper by Madison Pension Services, Inc.

Well OK. Chicken Little notwithstanding, the sky is not actually falling. But for millennials, it might as well be. The barrage of depressing news coupled with the fact that the impact of climate change seems to be accelerating leaves many of them to be pessimistic about the future. 88% of them (the highest percentage of any age group) accept climate change as a reality. 69% of them see it as a reality that will impact them in their lifetime. Overwhelmed by what seems to be an uncertain future, saving for retirement feels to them like a useless endeavor. Many of them have become fatalistic. One millennial, a 27-year-old New Yorker said that while she wants to be optimistic about the future, when she looks at the way that climate change seems to be impacting our weather and the peril it is bringing to both animal and ocean life, the future looks bleak. Many millennials have a mindset that says why save for retirement when all you see is a dystopian future?

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