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October 16, 2018 at 05:56 AM
You might not think so, but millennials are the ones who are zeroing in on retirement as a goal for their employees — more than Gen X business owners or even boomers.
According to a Nationwide survey, millennials could end up providing their employees with more support and encouragement in preparing for retirement than older business owners. In fact, they’re nearly twice as likely as the average owner say they will offer retirement benefits to their employees in the future (69% versus 36%).
Not only are they more aware of the importance of a workplace retirement plan for themselves, with 53% saying so compared with just 39% of boomers, they’re more likely — at 57% — to think that it’s their responsibility to help their workers save for retirement. Just 31% of boomer business owners and 44% of Gen X bosses think so.
“Our research shows that millennial business owners understand both the importance of saving for retirement and the need for workplace retirement benefits,” John Carter, president of retirement plans for Nationwide, says in a statement.
Carter adds, “Millennials grew up during the Great Recession a decade ago, which significantly impacted how the generation spends, saves and manages their money and businesses. Now, they are planning ahead and taking actions that could help them and their employees achieve financial security in retirement.”
