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Can Generation Y Save?

posted by John Pottow

Jennifer Levitz reports in the Wall Street Journal that Generation Y (defined as current 18-27 year-olds, which covers most of my students) do not seem to be taking well to retirement savings.  For example, only 1/3 have opened a 401(k) account.

Is the government stepping in to remedy this lackluster (slacker?) savings trend for an important demographic?  No, here it is the market that's actually coming to the rescue.  Which market?  401(k) management companies, who realize that as baby boomers start withdrawing funds -- as they have begun to do already -- assets under management, and hence fees, will diminish.

This is why we are starting to see things I never thought I'd write about: pizza parties and bungee runs -- to promote retirement savings (sponsored, of course, by Fidelity and their ilk)!

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