How Modern Compensation Practices Can Help Retain Key Employees

Geography: United States —Research Source: PayScale —Date: March 2016 —Findings: 86% of top performing companies agree with the statement, “our people are our greatest asset,” compared to 78% of average companies who agreed with the same statement. Nearly 50% of top performing companies have adopted open communication around pay. This number is higher than the 40% of […]

Do Millennials Have Enough Money Saved For The Future?

Geography: United States —Research Source:  Google Consumer Surveys —Date: February 2016 —Findings: 51% of Millennials ages 18 to 34 have less than $1,000 in savings. 18% of Millennials have savings of $1,000 to $5,000. 7.3% of Millennials have savings of $5,000 to $10,000. 6.4% of Millennials have savings of $10,000 to $20,000. 16.5% of Millennials have savings of more than $20,000. 56.3% of […]

Young Adults Are Focused On Saving

Geography: United States —Research Source: Ipsos —Date: January 2016 —Findings:  94% of young adults are saving, either for long-term goals like retirement or purchasing a home, or for shorter-term items like vacations or weddings. 19%, across all age groups, stated the top priority for saving is an emergency fund. After an emergency fund, the next four top saving priorities are: […]

Saving For Emergencies

Geography: United States —Research Source: Ipsos —Date: January 2016 —Findings:  39% of young adults believe that saving for retirement can wait, compared to 36 percent who disagree. 43% agree young adults among ages 22–27 are somewhat more likely to feel that putting off retirement savings is acceptable versus 36% agree among ages 28-35. 60% of high-income individuals believe they can […]

Millennials Lack Necessary Financial Advice

Geography: United States Research Source: Koski Research —Date: December 2015 —Findings: 44% of Millenniasl are not saving more because they want to treat themselves to things like occasional dinners out and vacations, more than Gen Xers (34%) and Boomers (29%). 37% of Millennials can’t set aside more money for retirement because they are still paying off student loans.  49% […]

There Is No One Global Approach To Saving

Geography: Global Research Source: BNY Mellon —Date: December 2015 —Findings: 16% of millennials in Japan believe they will be able to access the same sources of retirement income as their parents, compared with 84% in Australia. Millennials in China (44%) and the Netherlands (39%) are least likely to trust financial institutions with their money, compared with 18% in Australia. […]

Financial Advisors Are Not Welcome On Social Media

Geography: Global Research Source: BNY Mellon —Date: December 2015 —Findings: Less than 1% of millennials want financial services providers to connect with them through social media. 40% of millennials want to interact with providers through website/email, the most popular choice, followed by face-to-face contact (23%) and telephone (18%). Recommendations: Millennials  for advice and guidance on financial planning, but social […]

Millennials Struggle To See The Benefits Of Saving

Geography: Global Research Source: BNY Mellon —Date: December 2015 —Findings: 73% of millennials would save more if they were rewarded in some way. 51% of millennials would be more inclined to save for the future if their money was not completely locked away. 59% of millennials believe they haven’t seen products targeted at people like them. 63% of millennials […]

Automatic Enrollment Is Popular Among Millennials

Geography: United States Research Source: Vanguard Research —Date: November 2015 —Findings: 66% of millennial plan participants had been subjected to automatic enrollment compared with 40% of early boomers in 2013. 1% of plans had adopted automatic enrollment in 2003, but by the end of 2013, 40% of plans had adopted the feature. Recommendations: While millennials’ income and job prospects have been […]

The Evolution Of Defined Contribution Plans

Geography: United States Research Source: Aon Hewitt —Date: November 2015 —Findings: 52% of employers with automatic enrollment set the initial savings rate at 4% or more—an increase from 39% in 2013. 51% of all plans with automatic enrollment default workers at or above the match threshold. 42% of companies have a dollar-for-dollar company match formula, up from 25% […]