The millennials in the survey ranged from 18 to 34, and more than half of the 2,000 surveyed said they need help with their finances. While other generations might not have received personal finance or financial literacy classes either, the financial world has gotten more complicated.
Thus, only a third of the millennials surveyed (35%) feel confident in their financial knowledge, including taxes, investing, and retirement planning. Moreover, the Ally survey found that, in order to feel comfortable, millennials believe they must earn at least USD 53,000 or more. Another survey finding shows that more than 80% of respondents say that they are saving – but 57% are only saving through their employer’s 401(k) plan.
A 401(k) plan is a qualified profit-sharing, stock bonus, pre-ERISA money purchase pension, or a rural cooperative plan under which an employee can elect to have the employer contribute a portion of the employee’s cash wages to the plan on a pre-tax basis.
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