Depending upon age and life circumstances, employees have different savings goals that can dramatically affect their attitude toward retirement plan participation and their level of engagement, signaling a need for advisers and employers to offer more individualized retirement plan messaging and tools.
Although Generation Xers are typically concerned about saving for and funding their retirement, their younger co-workers, the millennials, are more concerned with short-term savings goals, including for the purchase of a home or paying off debt, according to a recent investing trends research study by Cogent Reports, a division of Livonia, Mich.-based Market Strategies International. Further, nearly half (45%) of single parents in a recent Allianz study said saving for their kids education was their top priority.
