Millennials Are Already Worried About Being Old & Broke -- & They Should Be


It doesn't matter how long you've been in the workforce, unless you're doing a job you absolutely adore (and even if you do!), you've probably given some thought to when and how you'd like to retire.

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And a worrying new study shows that when it comes to how you'll spend your golden years, even the youngest generation of workers is concerned about the future -- with 60 percent of millennials willing to submit to a pay cut if it meant retirement benefits were guaranteed.

And that says a lot.

Even though most millennials are only a decade or so into their careers, the idea that they can ever retire -- or even afford basic items when they do -- is plaguing them.

According to a 2014 Pew Research Center survey, 51 percent of millennials believe they'll receive no social security benefits. So the worry is rightly placed. 

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In fact, six out of 10 millennials would be willing to take a cut in pay if it meant getting guaranteed retirement benefits, according to a survey conducted by Willis Towers Watson. That figure represents a 20 percent increase from a similar survey in 2009, when just four in 10 noted they'd be willing to see their pay decrease if it meant more money down the line.

In a release addressing the findings, Steve Nyce, senior economist at Willis Towers Watson, stated, "Employees of all generations, including millennials, are feeling vulnerable about their long-term security." 

Amen to that. If you even mention the word "pension" to most millenials, you'll find most scratching their heads in confusion. 

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With the Great Recession still fresh in the minds of many Americans, it's no wonder that we're all pretty pessimistic when it comes to our financial futures.

A full 76 percent of Americans believe their generation will be worse off during retirement than the one that preceded them, compared with a worldwide average of 66 percent, according to Gallup.

That's a lot of bad vibes. 

Nyce and other financial experts agree using projection tools can give you an idea of what you need to be saving to meet your financial goals. Because, remember, knowledge is power.

 

Image via Pexels

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