WASHINGTON (CIRCA) - When it comes to money, millennials aren’t doing so well.
Especially when talking about how much they save for retirement -- because most of them aren’t saving anything at all.
According to the National Institute on Retirement Security, 66 percent of people between the ages of 21 and 32 have absolutely nothing saved for retirement. Zero. Nil. Nada.
A few millennials detailed their reasoning for not saving to CNN Money.
Their explanations included:
- Trying to tackle student debt first
- Not having a job that offered a 401K
- Throwing money at business ventures
- Finishing grad school around the age of 30
When given the chance, millennials are taking advantage of retirement plans offered by their employers; 94 percent who are eligible are using them. That’s the same rate as older generations.
But even the 34 percent who are saving for retirement are barely hanging on. Most have less than $20,000 saved even though the average account balance -- according to the NIRS report -- is more than $67,000. Is that enough money for a generation that may not have Social Security or pensions?
So, what do you think? Are millennials not doing enough to save or is it just harder to do it now than it has been for earlier generations?