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Millennials are more confident investing their money in a savings account than a workplace retirement plan, according to new survey findings from Broadridge and the Center for Generational Kinetics.
This finding shows a clear opportunity for financial advisors to better educate and communicate with millennials, notes Cindy Dash, who leads Broadridge’s Matrix Financial Solutions, in an article published by ThinkAdvisor.
“Millennials would rather put their money in a savings account than a workplace retirement plan, effectively pushing pause on the potential for qualified plan growth,” Dash said in a statement. “This demonstrates a significant need for financial guidance.”
According to the survey, 69 percent of millennials are not working with a financial advisor.