Sixty percent of those born between 1965 and 1980, which is Gen X, and 54 percent of those born between 1981 and 1992, Gen Y, say they are not knowledgeable about finances, according to LIMRA’s study, "Sowing the Seeds for Retirement: Gen X and Y Market," released last week.
Those in the survey, which included 1,700 Gen X and Y members, working with an advisor felt more confident about their retirement prospects.
LIMRA’s study found that Gen X and Y consumers have little tolerance for investment risk, even though many financial experts say people early in their careers should invest more aggressively to achieve their long-term financial goals. Those who worked with a financial professional had a higher tolerance for investment risk.
“Our research indicates that few of these consumers are taking full advantage of the retirement savings vehicles available to them,” says Alison Salka, corporate vice president and director of LIMRA retirement research.
Source: Financial Advisor Magazine
The information contained in this article does not constitute a recommendation, solicitation, or offer by D2 Capital Management, LLC or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service. D2, its clients, and its employees may or may not own any of the securities (or their derivatives) mentioned in this article.
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