Your 401(k) plan is designed to help everyone in your workplace to save for retirement—from the youngest employee to the oldest. In the last few years, you may have emphasized the importance of saving early and enough. It can be challenging to reach a diverse group of employees with a message that encourages action, because certain messaging resonates better with one group as compared to another.
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One group of particular concern may be the youngest employees, those who have seen up close the financial wreckage their parents may have experienced in the wake of the Great Recession. Are these folks, the Millennials, taking their experience as an impetus to save and invest, or are they taking a live-for-today stance?