Generation Y is stepping up to the challenge of retirement savings. Those who were lucky enough to find full-time jobs during the Great Recession have started saving early, with 83 percent contributing to a 401(k) plan, according to June 2012 data from Fidelity.
This is up 8 percent compared to people who were a similar age 10 years ago. Not only are they saving, they are contributing more than past generations. The average savings plan balance for this generation has increased from $2,900 to $59,200 for participants who have continually contributed for the past 10 years, the study found.
Seventy-three percent of that asset growth was from employee contributions, which shows the importance of saving early and consistently.
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