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Survey: Millennials Unwilling to Sacrifice Now for Future Financial Security

A new survey from Charles Schwab indicates that an unwillingness by Millennials to sacrifice things that add to their current quality of life, and student debt, are preventing them from saving enough for their retirement.

The survey covered 1,000 401 (k) plan participants broken into three generational groups: Millennials (those under age 35), Generation Xers (those between 35 and 49 years old) and Baby Boomers (those between 50 and 70 years old).

The results from millennials in the survey found that:

  • 44% are not saving more because they want to treat themselves to things such as occasional dinners out and vacations, more than Gen Xers (34%) and Boomers (29%).
  • More than a third (37%) can’t set aside more money for retirement because they are still paying off student loans.
  • About half of Millennials (49%) feel that they don’t know what their best investment options are, and only a third (34%) are extremely or very confident in their ability to make the best 401(k) investment decisions on their own.
  • Three-quarters (76%) claim they would like help managing their 401(k), but only 22% are likely to seek out professional investment guidance, and just 7% are currently receiving it.

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