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Millennials have faced one financial hurdle after another: the 2008 financial crisis, student-loan debt, soaring living costs and now financial difficulties due to the pandemic. A survey by Insider and Morning Consult found that while 70% of millennials have a savings account, 58% have a balance under $5,000. Despite their best financial efforts, a large debt load on average is preventing them from saving as much as they’d like. Though many don’t carry credit card debt or may owe less than $5,000, about 68% of millennials born between 1981 and 1988 are still paying off their student loans.

Millennials make up 35% of the American workforce, giving brokers the opportunity to educate clients on how benefits play a part in successful financial planning and how to market offerings so they are more relevant to millennial employees.

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