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GENERATION Y WORKERS GROWING UP; OPTIMISTIC FOR THE FUTUREThe Principal shares the latest findings from millennial workersTweet this: What’s #GenY’s price tag for the American Dream?
financial security as passion number one and
saving for retirement topping the list of financial goals,
Gen Y workers are making plans for a brighter
financial future according to
new research from
the Principal Financial Group®.
When setting financial goals, saving for retirement came out on top for millennial workers (63 percent) followed by paying off student loans (48 percent) and paying down credit card debt (42 percent). These younger workers report
taking action and positive strides towards making their goals a reality. Eighty percent say they have a
monthly budget and two-thirds have established an emergency savings fund.
The Principal Knowledge Center surveyed retirement plan participants ages 18-34 as part of a company initiative, which focuses specifically on this generational segment.
“Millennial workers are clearly growing up and taking responsibility with a passion and keen focus on their financial future. As the second largest generation to the boomers and in control of more than $2 trillion in assets, these workers have very quickly become an important group to watch,” said Greg Burrows, senior vice president of retirement and investor services for The Principal
®. “This generation has seen parents cope with the recession and the impact of not saving enough. Based on those experiences, they are realistic about the challenges ahead, but optimistic because they plan to take charge of their own retirement nest egg.”
The majority of millennials (58 percent) say Social Security benefits will no longer exist by the time they reach retirement age, while another quarter of those surveyed believe Social Security will be around but with reduced benefits. Even without the help of the government, Gen Y workers (79 percent) feel confident they will be better off financially when they reach their parents’ current age.