Gen Y workers in higher education retirement plans tend to be as conservative as their older counterparts a Fidelity survey released Monday found. Fidelity surveyed approximately 600 higher education employees and found that Gen Y, Gen X and boomer workers share similar asset allocation strategies.

The 2011 Higher Education Generational Survey, conducted by Versta Research for Fidelity, found that Gen Y workers typically allocate 50% of their portfolios to stocks, 35% to bonds or annuities and the remainder to cash. By comparison, baby boomers' typical allocation was 47% to stocks, 39% to bonds or annuities and 14% to cash.

John Ragnoni, executive vice president for Fidelity's Tax-Exempt business, cautioned against such conservative strategies for young investors.  

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