Millennials Not Optimistic About Saving $1M For Retirement
SAN FRANCISCO (KCBS) -- Many millennial's may have high hopes for their future, but when asked if they think they'll be able to save $1 million over their lifetime, that optimism tanks.
"When you think of retirement, most advisors will say, depending on what your lifestyle is, a million dollars might be a good benchmark," Veronica Dagher, who reported on the survey for the Wall Street Journal, told KCBS.
The $1 million figure was picked by Wells Fargo and Co. which paid for the survey.
"Because of everything going on in the economy, lower incomes, wage gaps, college, loans are really weighing down this younger generation," Dagher said.
Those who do have college debt owe close to $20,000 on average. Not only did millennials describe feeling overwhelmed, they're postponing things like getting married, buying a home and having kids.
"And that has real effects for the broader economy," Dagher said.
