Charleston – Millennials represent the future client base of financial advisors, and a large one at that. During the IRI Annual Meeting taking place now in Charleston, IRI issued a new report on millennials and their views on retirement planning.
The report, developed in conjunction with the Center for Generational Kinetics, found that while 68 percent of Americans aged 20 to 37 said they are saving for retirement, only 29 percent indicated they are actively planning for retirement. Even more, the study found that 60 percent of millennials believe planning for retirement is more difficult than maintaining a diet.
“This study debunks the myth that millennials are not thinking about retirement,” IRI president and CEO Cathy Weatherford said. “At the same time, it confirms what many have believed: Millennials are not doing enough to prepare for retirement. Given this need, it will be mutually beneficial for financial advisors to engage this market and position themselves as guides who can take millennials through the process.”