Many long-held beliefs about how millennials and Gen Xers engage with their defined contribution plans are merely myths that need to be debunked, said Fredrik Axsater, senior managing director at State Street Global Advisors. For example, while conventional wisdom seems to think that millennials would rather interact with apps and smartphones than human beings, SSGA’s research proves that this is generally untrue. The reality is that millennials want human interaction when preparing for retirement even more than older employees do. According to SSGA, 59% of those aged 22 to 25 say they ‘want an in-person meeting once a year and technology isn’t really going to help,’ compared to 38% for Gen Xers between the ages of 45 and 50. The second myth refuted by SSGA is that millennials don’t care about planning for retirement because it is simply too far into the future. In fact, 88% of Millennials agree it’s important to start saving for retirement early, a number that is in line with the 86% for their older Gen X counterparts.
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