Many “Generation Y” employees would just as soon let someone else manage their retirement savings.
“Today’s youngest workers appear eager to embrace a radical design of U.S. retirement plans,” according to researchers in the retirement services unit at Prudential Financial Inc., Newark, N.J. “More younger workers than not preferred an ‘auto-pilot’ approach rather than the more tradition ‘do-it-yourself’ style of retirement plan.”
The researchers published those conclusions and figures, backing them up in a summary of results from a recent worker survey.
The survey team used the Internet to poll 300 workers ages 21 to 30 and 300 workers ages 55 to 64.
All of the workers polled were working at employers with 401(k) plans, 403(b) plans or 457 plans.
The younger “Generation Y” survey participants were more enthusiastic about the idea of managing their own retirement plan assets than older baby boomer and “Silent Generation” participants were.
Men were more eager to control their own investments than women were.