It’s no secret that many millennials entered the labor market during tough times. Not only did the Great Recession challenge their abilities to find a quality job—rising tuition costs and limited access to retirement plans have put this generation at risk of not saving enough for retirement.
The numbers are sobering. Millennials are saving less than earlier generations. A full two-thirds (66.2%) of working millennials have nothing saved for retirement. Plus, in today’s world of “YOLO” and “treat yo self,” many millennials are going into debt to fund their lifestyles and boost their social media presence.
Luckily, youth is still on their side. There are strategies for addressing these risks.
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