While millennials (adults between 18 and 34 years of age) want to accomplish many of the same traditional life milestones as their older counterparts, they are later waiting to begin saving and instead focus on other economic objectives, a survey commissioned by the Million Dollar RoundTable (MDRT), an association of top financial experts, and undertaken online by Harris Poll in April among over 2,000 Understanding the millennial attitude and knowing the triggers of their financial planning can assist economic experts participate with their long-term objectives sooner and more effectively.
Despite the reality that the average age millennials say they expect to retire at age 62 — which is younger than older generations ' expectations (age 45-54 at age 66; age 55-64 at age 65; and age 65+ at age 73) — a mere 22% of millennials say they are presently saving for retirement.
Millennials are more focused on other priorities such as travel, higher education, or buying / renovating a home when it comes to financial planning. With 91 percent of millennials saying they don't even have a financial plan for retirement, one of the probably most significant priorities falls by the wayside. When millennials were questioned in the next five years about their priorities.
infographic by: www.prnewswire.com