Myths about certain groups of workers—namely, GenXers andmillennials—are impeding the understanding of employers about howthose workers engage with their defined contribution plans, makingthe plans less effective.

So says new research from State Street Global Advisors, whichfound “surprising similarities” between the two age groups—ademographic that SSGA has christened “Generation DC” because it isthe first cohort to rely predominantly on a defined contributionplan as their primary source of retirement funding.

In a survey it conducted on plan employees ages 22–50, thecompany said that, regardless of respondents’ ages, more than 80percent of employees understood that creating a successfulretirement depends on making it a priority and starting early.

Here are five myths about the demographic that SSGA says need tobe debunked so that retirement savings plans will be moresuccessful.

Myth #1. Millennials would rather interact with appsthan with humans.

Not true, says SSGA.

They want the apps, sure, but when it comes right down to it, atleast once a year they want to interact with a living, breathingperson—even more than older employees do, according to theresearch.

While 38 percent of GenXers ages 45–50 want that humaninteraction, 59 percent of those ages 22–25 say they “want anin-person meeting once a year and technology isn’t really going tohelp.”

Employers, says SSGA, need to pick up on that and realize thatthe younger folks need a human hand at the tiller when it comes tosteering them right on retirement.

Myth #2. Millennials don’t care about saving forretirement, because it’s too far into the future to worryabout.

Also not true.

In fact, 88 percent of millennials agree that it’s important tostart saving early for retirement.

Among Gen Xers, that number actually falls to 86 percent. Bothgroups, however, agree that retirement saving is a priority, with acombined average of 83 percent.

SSGA suggests that employers work on tying that awareness tospecific actions for employees, such as plan enrollment orincreasing contributions.

Myth #3. Most people are “over” the financialcrisis.

So not true.

Among millennials, 54 percent say that the scars of theirparents’ experience during the financial crisis of 2008 has hittheir confidence as investors.

Respondents ages 33–39 have been marked even more severely; 60percent report that they’re still shaky about it.

Employers should tackle volatility head-on, SSGA said, talkingto employees about it and explaining the concept of “staying thecourse” to try to prevent them from joining the buy-high-sell-lowcrowd.

Myth #4. Employers are the top of the food chain ininforming and influencing their employees.

Nope, not even close.

Friends and family occupy the top slot, with 75 percent ofmillennials ages 22–25 crediting family, friends and coworkers withsetting their feet on the path to retirement saving.

Those Gen Xers ages 45–50? Forty-nine percent of them, too, laythe credit at their friends’ and families’ doors.

Employers might be able to spur conversations among employeesand their family members about retirement savings, but they don’tcontrol those conversations.

Myth #5. Employers need to educate people aboutretirement and investing.

While people need to learn the ins and outs of financialliteracy, employers aren’t necessarily the ones to provideit—sometimes experience fills that role.

SSGA said that it used a standard battery of questions to testliteracy, and the results indicate that as people hit their 40stheir literacy about basic financial and investing improves.

Respondents who were asked if buying a single company stockprovided a safer return than a stock mutual fund, and only 46percent of millennials correctly answered that the stock was morerisky.

However, 57 percent of Gen X ers answered correctly and thatincreased to 77 percent for the 45+ group.

Perhaps the fact that 63 percent of millennials ages 22–25 saidthat they “manage their financial life mostly by intuition” hassomething to do with that.