Study of Gen Y Workers
With financial security as passion number one and saving for retirement topping the list of financial goals, Gen Y workers are optimistic but realistic about their financial future according to a recent study by The Principal Knowledge Center.
Key findings reported by Gen Y workers:
Putting a price tag on the American Dream
- Gen Y says their American Dream will cost $3.1 million in today's dollars.
- Their version includes being financially secure, having freedom and owning their own home.
Setting goals, budgeting
- Saving for retirement tops their list of financial goals, followed by paying off student loans and paying down credit card debt.
- 80% say they have a monthly budget
- Two-thirds have an emergency fund.
Saving earlier, working later
- Almost two-thirds started saving for retirement at 25.
- Two-thirds plan to retire after age 65.
- Nearly half have not calculated the amount of money needed to retire or have a set goal.
The Principal Financial Group surveyed retirement plan participants ages 18-34.