With significant student loan debt and goals for purchasing cars and homes, Millennial savers, ages 18-34, are finding it difficult to balance their current and future financial savings goals. How can you help drive positive long-term savings habits in this generation? First, leverage technology. Millennials have grown up with smartphones and tablets. Take advantage of this to engage your employees. For example, videos posted to your company’s intranet site or social media channels can be a fun way to connect and communicate the value of saving for retirement.

Second, set up plan defaults. Many Millennials do not want to take the time to fill out paperwork to enroll in the 401(k) plan, nor do they possess the knowledge needed to make confident and informed investment decisions. Setting up an automatic contribution arrangement and default investments removes these roadblocks to participation. Studies show that plans that utilize both automatic enrollment and automatic increases can boost their participation rate to over 80%. Randall + Hurley can help you design a plan and communication campaign aimed at engaging your employees in their financial future. Please contact your Plan Consultant today if you would like to find out what technology is available or what defaults would best fit your employee demographics and culture. Our website also has a collection of comprehensive financial calculators to help your participants better understand how it is possible to start saving more today: www.randall-hurley.com/planning-tools.