Millennials are a “generation lost,” according to a new study, and are in for a tough time when they finally reach retirement, thanks to a lack of understanding of financial matters as much as a lack of interest.
The study, titled “Generation Lost: Engaging Millennials with Retirement Saving,” from BNY Mellon and a team of students from Cambridge Judge Business School, University of Cambridge, found that millennials internationally will have a more difficult time in retirement because of demographic, political, and macroeconomic trends.
Nearly half—46 percent—of millennials aren’t getting any information on financial matters, either through the workplace or through the education system.
In addition, 51 percent are calculating what they’ll need in retirement via a “blind guess” rather than anything actually resembling calculations.
Industry data didn’t enter into their assumptions. Another 39 percent have settled on a number via an “educated guess.”