Millennials oftenworry aboutearning enough money to make daily ends meet . But thanks in part to digital technology , USA Todayreportsthat members of Generation Y are taking enterprisingness and building strong financial creation for their time to come : As a new report card by Bank of America Merrill Lynch show , 82 pct of Millennials bring to their 401(k ) retreat saving programme , compared to 77 percent of Gen Xers and 75 percentage of Baby Boomers .
This pattern — which was noted in Bank of America ’s annual Plan Wellness Scorecard [ PDF ] , a report that tracks trends in 401(k ) activity — could be chalked up to the proportional rest of signing up for 401(k ) plans online , newfangled digital tools that make it easier to contribute to retirement savings plans , and increased on-line and peregrine admission to welfare , financial expert say .
“ ( Millennials ) are doing what the generations before had not done , ” Sylvie Feist , who is Bank of America Merrill Lynch ’s director of financial guidance services , toldUSA Today . “ Maybe it ’s because of the Parousia of digital pecker being so readily useable and accessible to this generation . They are exposed to a lot more content . ” Meanwhile , Feist adds , Millennials are alsobig on saving moneyand taking advantage of employee benefit .
Plus , savings plan features like " car - enrollment " ( which automatically enrolls employee in 401(k ) programs and makes veritable deductions from their paychecks ) and " auto - increment ” ( which mechanically ups the amount of money that get going towards retirement following a wage increase or bonus ) are also helping both Millennials and their older counterparts salve more money . In 2016 , plans with these features rose by 153 percentage .
Overall , employees across the board are kick in more to their 401(k ) plans than before . involvement increase slightly over last year , and thanks to a rise up inventory market , account balances , contribution , and rate increases all prove about 20 percent growth when compare with 2015 .
Not one of the Millennials who ’s stashing away cash for retreat ? Here orbit few round-eyed tipsfor getting started . ( Both your cant chronicle and your future self will thank us later . )
[ h / tUSA Today ]
