Gen Y Saving Earlier and Planning Now for Retirement
The Spring 2013 Merrill Edge Report, a semi-annual study of the financial concerns and priorities of the mass affluent (consumers with $50,000-$250,000 in investable assets) released today by Bank of America shows the mass affluent, despite the recession, are making saving for retirement a top financial priority. From cutting back on luxuries to funding less of their children’s education, mass affluent are making significant trade-offs for a more secure financial future.
“Many mass affluent, particularly young investors, are focusing on their retirement goals by saving earlier and planning now for the lifestyle they want to live during their retirement years,” says Alok Prasad, head of Merrill Edge. “As markets continue to improve and the mass affluent invest optimistically for the future, they will seek tools and guidance that help them best pursue their long-term retirement goals.”
Optimistic About Their Financial Futures, Gen Y Saving Earlier and Planning Now for Retirement | PYMTS
In addition to saving more aggressively and earlier, Gen Y is also optimistic about their retirement savings potential. Today, Gen Y mass affluent believe they will save on average nearly $2.5 million for their retirement, compared to those working mass affluent ages 51-64 who anticipate saving just $260,000.
“Many mass affluent, particularly young investors, are focusing on their retirement goals by saving earlier and planning now for the lifestyle they want to live during their retirement years,” says Alok Prasad, head of Merrill Edge. “As markets continue to improve and the mass affluent invest optimistically for the future, they will seek tools and guidance that help them best pursue their long-term retirement goals.”
Optimistic About Their Financial Futures, Gen Y Saving Earlier and Planning Now for Retirement | PYMTS
In addition to saving more aggressively and earlier, Gen Y is also optimistic about their retirement savings potential. Today, Gen Y mass affluent believe they will save on average nearly $2.5 million for their retirement, compared to those working mass affluent ages 51-64 who anticipate saving just $260,000.