NU Online News Service, March 2, 2004, 6:03 p.m. EST – The youngest workers and older baby boomers have similar views about their 401(k) plans.[@@]
That’s the picture that appears in new survey data released by CIGNA Corp., Philadelphia,
CIGNA hired researchers to survey 500 older boomers and 500 “Millennials” in October 2003. The Millennials were born after 1979, and the older boomers were born between 1946 and 1956. All of the participants said they were eligible to participate in their employers’ 401(k) plans.
Although the Millennials were more likely to be saving to buy cars and houses, and considerably more likely to admit that they didn’t know the answer to the researchers’ questions, they seemed to share many of the fundamental assumptions that their parents hold.
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Researchers found, for example, that 44% of the older boomers cited employer-sponsored retirement plans as the most valuable retirement savings tool, compared with 47% of the Millennials.