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Sheraton Uptown, Albuquerque, NM, USA
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Sunday, April 23 • 8:00am - 9:30am
C2D-Are Millennials Saving for Retirement?

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As the nation’s largest generation, Millennials have outnumbered baby-boomers by approximately 0.5 million in 2016. Unlike their parents and grandparents, Millennials are expected to shoulder more responsibilities to financially prepare for their retirement. Given the uncertain future payouts of Social Security, the popularity of DC (defined contribution) plans versus DB (defined benefit) plans, and the increasing longevity, it is crucial that Millennials start saving for their retirement early in their career. As DC plans become a more important source of retirement income, the risk of securing an adequate standard of living in retirement has shifted to individuals. Unlike DB plan participants, individuals who are eligible to participate in a DC plan face three decisions: 1) whether to participate; 2) to what degree to participate; and 3) how to allocate their plan assets. Strategic and disciplined savings and investments have become more important than ever. _x000D_

Although many prior studies have been conducted to analyze the retirement readiness for baby-boomers generation, very few focused on the Millennials generation’s retirement preparation. By using the 2013 Survey of Consumer Finances (SCF) dataset, this study focuses on analyzing Millennials’ ownership of and asset allocation in accounts that are earmarked for retirement purposes such as their Individual Retirement Accounts (IRAs) and DC plans. Factors that contribute to the account balance and asset allocation in these accounts are examined as well.

Speakers & Presenters
GC

Guopeng Cheng

University of Missouri
avatar for Rui Yao

Rui Yao

Associate Professor, Univeristy of Missouri
Rui Yao, PhD, CFP®, is the current President-Elect for ACCI 2017-18 and an Associate Professor and Director of Graduate Studies in the Personal Financial Planning Department at the University of Missouri. Dr. Yao received her doctoral degree from The Ohio State University. Her research interests focus on helping individuals and households increase financial well-being and, specifically, retirement preparation, financial risk tolerance, investment behavior, saving motives, debt management, and consumption patterns. She received the best paper award from the CFP Board, AARP, American Council on Consumer Interests, and American Association of Family... Read More →


Sunday April 23, 2017 8:00am - 9:30am
Regal

Attendees (4)