It won’t come as a surprise to anyone in employee benefits to hear that people in different generations listen and respond to messaging in different ways. Generational differences show themselves in many aspects of our lives, financial, social, or otherwise.
 |
We spoke recently with Patrick Delaney, who is vice president of T. Rowe Price Investment Services, Inc., and senior manager of DCIO Marketing. Delaney has spent time and effort in recent years talking to audiences about generational differences and how they impact retirement savings.
One such discussion is built around an interesting thought: in order to encourage young workers, i.e., Millennials, to save, you need to make changes in both your 401(k) plan, and in how and when you communicate it.
“For the past 35 years, a lot of what the financial services industry has done has developed and launched has catered to the savings habits and preferences of the Baby Boomers,” Delaney asserts. Those strategies may fall short for Millennials.