Nearly half of young people don’t know if they are on course to achieve their retirement income goals, new research shows.
AEGON discloses this finding in a report, “The Changing Face of Retirement: The Young, Pragmatic and Penniless Generation.” The report examines financial pressures that young people ages 20-29 face, the saving outlook for young employees, potential obstacles to saving and ways to encourage young people to save more.
The report reveals that 30 percent of young people with a college or university degree are saving enough for retirement. The percentages are lower among post-graduates (27 percent), those with some college or trade school training (16 percent) and high school graduates (17 percent).
The report observes that “ballooning student debt” may significantly delay post-graduate savings.