Millennials Appreciate Importance of Retirement Planning

There is a widespread sense among Millennials that it’s important to save for retirement, according to a recent report.

The good news was contained in the 2015 MassMutual Employee Benefits Security Study. The report says that:

• 96% of those surveyed said it was important to be on track to retire comfortably, and 65% of those said it is very important;

• 87% had at least some knowledge of their employer’s retirement plan, and 48% of their were very knowledgeable about it;

• 55% knew more about their retirement plan balances than the details of the company’s benefits package; and

• Millennials were more concerned about their finances than members of Generation X (58% vs. 47%).

The interest MassMutual found among Millennials echoes a report T. Rowe Price issued earlier this year that said the members of that group are better financially positioned than other generations to retire.