The young are spending. But are they saving too?
With Social Security replacing just 40 percent of pre-retirement income and pensions going the way of the dodo bird, one would assume young people to be hoarding their pennies to make up the difference to have a secure retirement. But that is likely not so. Maurie Backman’s piece presents research showing just how much and how often young adults like to treat themselves. Whether it’s peer pressure to keep up appearances or seeing social media posts of people with new gadgets and gizmos, one thing is clear, Millenials do not appear serious about saving for retirement. Read more here.