PLANSPONSOR - January - February 2024 - 14
UPFRONT
Millennials, Gen Z Seek Employer Support
WHILE Millennial and Generation Z
employees are more apt to struggle with
debt than are older generations, saving for
retirement still ranked as a top priority
heading into 2024, according to a new
Voya Financial consumer survey.
Across all generations, 72% of
Americans said they will be likely or
extremely likely to save for retirement
in 2024, up from 68% in October 2022,
Voya found. Millennials in particular
were significantly more likely than Baby
Boomers to say it was extremely important
to keep making contributions to their
retirement plan. Of course, some Baby
Boomers, born from 1946 through 1964,
may already be retired or about to retire.
When it comes to holistic savings
opportunities, Millennials and Gen Zers
were also more likely than were Generation
X and Baby Boomers to say they will
up contributions to their health savings
account in the new year, Voya found.
14 PLANSPONSOR.COM January - February 2024
Meanwhile, paying off debt remains
a glaring problem for Millennials and Gen
Zers, as these two generations are more
likely than the other generations to carry a
credit card balance from month to month.
Separate research from Corebridge
Financial found that 75% of 2,100 federal
student loan borrowers anticipated that
this past October's resumption of student
loan payments would hurt their ability to
save for retirement. Specifically, 22% said
they planned to contribute less for that
purpose, and 29% said they planned to
contribute less toward emergency savings.
A recent Charles Schwab study also
found that retirement obstacles such
as keeping up with regular expenses,
contending with unexpected expenses
and helping aging parents financially,
all as inflation continues, are some of
the main factors influencing how Gen Z
workers save.
In addition, among Americans of all
Art by Claudi Kessels
generations, Gen Z is significantly the
least likely, at 67%, to say it is important
to stay the course during a volatile market
environment, according to Voya.
Kerry Sette, vice president and head
of consumer insights and research at Voya,
notes that those in Gen Z are just starting
to become financially independent, having
only recently entered the workforce.
Therefore, they make less money than
the other generational cohorts and are the
newest to be managing their finances.
" So, while they may find staying
the course during a volatile market less
important currently, our
research has
found that they're more likely to cut their
discretionary spending and are eager to
find more opportunities for how to best
optimize their overall financial wellbeing
and supplement
their
income, "
Sette says. " Our research shows that
there certainly is room for priorities
to change as this newest cohort of the
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PLANSPONSOR - January - February 2024
Table of Contents for the Digital Edition of PLANSPONSOR - January - February 2024
INSIGHTS
PARTICIPANT ANALYSIS
RULES & REGULATIONS
UPFRONT
What’s Around the Corner?
A Focus on Guaranteed Income
Navigating ESG
Are You on Track?
Demographic Shifts
Advice on Advice
Fiduciary Best Practices
2 Distinct Roles for When Sponsors Act
The DOL’s Not-So-New Fiduciary Rule
Continuous Good Service
PLANSPONSOR - January - February 2024 - Cover1
PLANSPONSOR - January - February 2024 - INSIGHTS
PLANSPONSOR - January - February 2024 - 1
PLANSPONSOR - January - February 2024 - 2
PLANSPONSOR - January - February 2024 - 3
PLANSPONSOR - January - February 2024 - PARTICIPANT ANALYSIS
PLANSPONSOR - January - February 2024 - 5
PLANSPONSOR - January - February 2024 - RULES & REGULATIONS
PLANSPONSOR - January - February 2024 - 7
PLANSPONSOR - January - February 2024 - 8
PLANSPONSOR - January - February 2024 - 9
PLANSPONSOR - January - February 2024 - UPFRONT
PLANSPONSOR - January - February 2024 - 11
PLANSPONSOR - January - February 2024 - 12
PLANSPONSOR - January - February 2024 - 13
PLANSPONSOR - January - February 2024 - 14
PLANSPONSOR - January - February 2024 - 15
PLANSPONSOR - January - February 2024 - What’s Around the Corner?
PLANSPONSOR - January - February 2024 - 17
PLANSPONSOR - January - February 2024 - 18
PLANSPONSOR - January - February 2024 - 19
PLANSPONSOR - January - February 2024 - 20
PLANSPONSOR - January - February 2024 - 21
PLANSPONSOR - January - February 2024 - A Focus on Guaranteed Income
PLANSPONSOR - January - February 2024 - 23
PLANSPONSOR - January - February 2024 - 24
PLANSPONSOR - January - February 2024 - 25
PLANSPONSOR - January - February 2024 - 26
PLANSPONSOR - January - February 2024 - 27
PLANSPONSOR - January - February 2024 - Navigating ESG
PLANSPONSOR - January - February 2024 - 29
PLANSPONSOR - January - February 2024 - Are You on Track?
PLANSPONSOR - January - February 2024 - 31
PLANSPONSOR - January - February 2024 - Demographic Shifts
PLANSPONSOR - January - February 2024 - Advice on Advice
PLANSPONSOR - January - February 2024 - 34
PLANSPONSOR - January - February 2024 - 35
PLANSPONSOR - January - February 2024 - Fiduciary Best Practices
PLANSPONSOR - January - February 2024 - 37
PLANSPONSOR - January - February 2024 - 2 Distinct Roles for When Sponsors Act
PLANSPONSOR - January - February 2024 - The DOL’s Not-So-New Fiduciary Rule
PLANSPONSOR - January - February 2024 - Continuous Good Service
PLANSPONSOR - January - February 2024 - Cover3
PLANSPONSOR - January - February 2024 - Cover4
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