Most millennial workers identify saving for retirement as their top financial priority, according to new research.
The Principal Knowledge Center, a unit of Principal Financial Group, discloses this finding a survey of Generation Y workers. The research reveals that saving for retirement is the top financial priority of 63 percent of millennial workers surveyed. This is followed by paying off student loans (48 percent) and paying down credit card debt (42 percent).
The survey adds that 80 percent of millennial workers say they have a monthly budget and two-thirds have established an emergency savings fund.
The majority of millennials (58 percent) say Social Security benefits will no longer exist by the time they reach retirement age, while another quarter of those surveyed believe Social Security will be around but with reduced benefits. Even without the help of the government, Gen Y workers (79 percent) feel confident they will be better off financially when they reach their parents’ current age.
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Almost two-thirds (65 percent) of those responding began saving for retirement at age 25, but 63 percent plan to retire after age 65.