Report shows young adults not saving much for retirement

Report shows young adults not saving much for retirement

(WWBT) - A new report finds only three in 10 young adults are saving for retirement, and they’re also saving less than before.

Navient research finds that of the 31 percent of millennials saving for retirement, the average amount saved was just under $33,000 last year.

That’s a drop from the 2016 average of nearly $38,000.

The research found most young adults prioritize short-term goals like vacations, debt repayment and home ownership over retirement, figuring they can “save for that later."

The study did find that people with college degrees were more likely to have retirement funds. Workers whose employers offered 401 (k) plans were nearly twice as likely to be saving for retirement.

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