Why Are Millennials And Possibly Future Generations Not...

Introduction Today, many Millennials are not saving enough for their retirement. A study by the Insured Retirement Institute and The Center for Generational Kinetics (2015) showed only 29% of Millennials describe themselves as actively preparing for retirement (Insured Retirement Institute and The Center for Generational Kinetics, 2015). It poses as a problem when it comes to retirement planning because many Millennials will not be prepared for their retirement. This further raises the question, â€Å"Why are Millennials and possibly future generations not saving enough for retirement?† To answer this question, I will examine research on this issue. Current research on this issue has shown that there are many obstacles that are attributed to the lack of saving. These obstacles will hold future retirees back from having enough for retirement. The Insured Retirement Institute and the Center for Generational Kinetics article suggests that there is a considerable opportunity for the financial services industry to reach those Millennials (Insured Retirement Institute and The Center for Generational Kinetics, 2015). Although the industry will have opportunity to give advice, it is up to the Millennials to take the advice. Millennials, known as Generation Y, are those born from 1981 through 2001. Kitces (2005) states that the financial planning profession has fallen behind in setting clear expectations about how to develop a career in financial planning, and the result being aShow MoreRelatedInvestment Decisions : An Article By Larson, Eastman, And Bock Essay1739 Words   |  7 PagesInvestment Decisions For those Millennials who are entering the workforce, there is a pressure on paying off high amounts of debt and lacking the knowledge to make smart investment decisions. 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