Small changes in financial behavior can result in noticeable improvements in retirement savings for millennials.
That’s according to Financial Finesse, which found in a study that younger employees who improved their financial assessment by one point (from 4.0 to 5.0 on a 10-point scale) saw a 12 percent increase in their average retirement plan contribution rate.
Even more impressive, an increase in employee financial wellness of an additional point, to 6.0, is projected to result in an improvement in lifetime retirement savings of more than 27 percent, based on the model.
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