NEW YORK (TheStreet) -- The millennial generation, considered ages 22 to 35, is in the workforce yet the majority in a recent Wells Fargo (WFC) - Get Report survey see no possibility to accumulate the more than $1 million necessary to retire at age 65.
Wells Fargo Director of Institutional Retirement and Trust Joe Ready thinks the survey numbers reveal an underlying issue with saving.
"Those that said they can't, only one third was saving 5%, and only 7% of them were saving the needed 10% or more and we contrasted that to the 'I cans' and there's a big difference," Ready said on CNBC's "Squawk Box" Thursday.
The Wells Fargo survey of 1,500 millennials found that 64% believe they will never accumulate $1 million in savings over their lifetime, with the remaining 32% thinking they will.
"Two thirds [of those who believe they can save enough] were saving 5% or more and 20% were saving 10% or more," Ready noted.
The remaining question is of future earnings, as millennials are not at the point of peak earnings in the careers. An additional bright spot noted in Ready's survey is that six out of 10 millennials have begun saving for retirement already.
Separately, TheStreet Ratings team rates Wells Fargo as a "buy" with a ratings score of B.
This is driven by some important positives, which TheStreet Ratings believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks TheStreet Ratings covers. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and attractive valuation levels. TheStreet Ratings feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: WFC