NEW YORK (TheStreet) -- Millennials have no hope of ever becoming rich, let alone saving for retirement CNBC's Melissa Lee reported on "Power Lunch" Monday, citing a study by Wells Fargo.
Millennials want to retire at the age of 59 but two-thirds of them don't believe they could save $1 million, Wells Fargo vice president Joe Ready told CNBC.
Sixty-four percent of millennials were skeptical about getting rich, 74% were not banking on social security, 34% have student debt, 75% consider it unmanageable and 59% fear market volatility, according to the report.
Only 6% of the millennials were saving the recommended 10%, Ready noted.
Of the 32% of millennials that said they could retire, about two-thirds of them were saving 5% of their salary and 20% were saving the suggested 10%, he said.
Joe is very bullish on the millennials because they are very engaged in their finances and have the power of time on their side.
If each person starts saving 5% of their salary starting at the age of 25, for about $26 per week, they could reach that million-dollar threshold, explained.
"There's a lot of competing priorities. We say take a personal inventory, look at your money coming in, money going out and try and save that $26 at age 25," he said.