When it comes to saving, although millennials are really pretty savvy about the need to start early in putting money away for retirement, they face some stiff challenges in doing so—such as whether to keep a roof over their heads or put food on the table.

New research from Cerulli finds that low-salary jobs force millennials to choose between immediate needs—buying food or paying their rent—and a goal that's actually decades away, and that distant goal often loses.

While its 2017 survey of 1,000 active 401(k) plan participants show that a majority (85 percent) of participants think people should start saving for retirement before age 28, Cerulli says that only slightly more than half (55 percent) actually did so.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.