Data and Research November 19, 2015

Millennials Face Obstacles to Retirement Saving

An unwillingness to sacrifice things they believe add to their present quality of life is one of them.
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Millennials face a unique set of obstacles when saving for retirement, says a new study by Schwab Retirement Plan Services. 

Every generation has its reasons not to save for retirement. For Millennials, more than any other, an unwillingness to sacrifice things they believe improve their quality of life and crushing student debt top the list. Schwab’s research echoes other studies of Millennial savings behavior, which find that they’re confused about the process, or squeezed by student loans, and generally need more financial education and support.

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Millennials face several obstacles to meeting their retirement savings goals, which disproportionately affect this group more than any other. Moreover, although this younger generation believes they would benefit from help, they are using professional investment advice far less than their older counterparts. Forty-four percent are not saving more because they want to treat themselves to things like occasional dinners out and vacations, more than Gen Xers (34%) and Boomers (29%).

More than a third of Millennials (37%) can’t set aside more money for retirement because they are still paying off student loans. About half (49%) feel they are clueless when it comes to their best investment options, and only a third (34%) are extremely or very confident in their ability to make the best 401(k) investment decisions on their own.

While three-quarters (76%) claim they would like help managing their 401(k), only 22% are likely to seek out professional investment guidance, and just 7% are currently receiving it.

Catherine Golladay, vice president of participant services and administration at Schwab Retirement Plan Services, admits that managing a 401(k) can often be intimidating for young people with little to no investing experience. “Our survey found that six in 10 Millennials wished there was an easier way to choose the right investments for their 401(k),” she says. The firm’s recommendation, that receiving investment advice early on can ease anxiety and boost confidence, can be a clarion call to retirement plan advisers looking to support these Millennial plan participants.

Schwab Retirement Plan Services based its findings on online interviews between May 26 and June 3 of 1,000 401(k) participants working for companies with at least 25 employees.

Break from the Grind November 19, 2015

A Little Friday File Fun

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In Somerset, Pennsylvania, a 47-year-old woman crashed her car, was arrested for DU.I, tested for blood-alcohol levels and then released. After her release from the state police barracks, the woman offered a stranger $3 for a ride back to her crashed vehicle, which she entered and began driving. According to WTAE in Pittsburgh, police said the woman again lost control of the car and sideswiped a parked car, then crashed into a shed. She was charged the same day for a second DU.I.

In Devon, England, a 16-year-old student changed his naturally blond hair to a reddish-pink. But, his school didn’t like it, so he was told to go home and not return until his hair ‘meets the published requirements.’ According to the UK’s Metro, the student’s dad claims that there is no rule against a student dyeing his or her hair any color.

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In New York City, a 27-year-old real estate broker and her friend were apparently so disorderly when they hopped into a cab that the driver drove them to the 13th Precinct police station. The Gothamist reports that, when the cab driver got out of the cab to enter the police station, the broker hopped behind the wheel and drove away. Police were able to catch up with her when she was forced to pull over to throw up.

In St. Augustine, Florida, a woman was shopping in a Walmart one night when she heard someone running behind her. Before she could turn around, an 18-year-old man struck her with a pillow. The woman told the man “that’s not really cool,” but he just laughed. Jacksonville’s CBS News station reported that police were called because the woman was scared and upset. The man told police it was a joke, and that he uses it as an unorthodox method to meet people.

In Minturn, Colorado, a public restroom was named winner of the 2015 Cintas’ America’s Best Restroom Awards. According to UPI, the town of Minturn is set to receive $2,500 worth of restroom services provided by Cintas. The restrooms are made of 320 fabricated wood pieces and feature turquoise walls and steel butterflies on the ceilings. Cintas annually compiles a list of the nation’s best bathrooms based on a set of criteria including cleanliness, visual appeal, innovation, functionality and unique design elements. The list of ten finalists is then put to a national vote to determine the winner.  http://www.bestrestroom.com/us/press/press-winner-minturn-abr.asp  

In Louisville, Kentucky, there is a new scourge in the city housed inside Metro Government’s own offices. According to INSIDER Louisville, Metro Planning & Design Services manager Joe Reverman sent an email to department staff and administrators saying, “We have recently discovered mass quantities of boogers on the two walls around the urinal in the 3rd floor men’s restroom.” The email threatened retribution, and advised everyone to be lookout for and report suspicious activity. In a follow-up email, Heather Plowman, an executive administrator of Develop Louisville, gave Metro Planning & Design employees tips about how to properly dispose of their boogers, and she said signs were being made to give them a daily reminder of such procedures.

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