Why do we procrastinate on preparing for retirement? What can we learn from others and prepare ourselves for the best period of our lives? These questions apply not just to the younger generation, but also to those who are five to seven, or a few more years away from retirement.
This insightful study from the BMO Retirement Institute contains an in-depth statistical analysis of American men and women across a wide cross section of age and income ranges on their attitudes and behaviors on preparing for retirement.
The study continues with suggestions on what the older generation and parents can do to influence action oriented financial behaviors in the younger generation.
Regardless of the attitudinal challenges that one can reasonably anticipate with those recommendations, the main take away is: is there a better way to reach this generation in places where they congregate, on their terms, in a way in which they can emotionally connect with the messaging? What can employers and service providers do to achieve that? The implications of the actions resulting from that are staggering.
How would you, as an employer or service provider, accomplish that? Through new products, new services, leveraging social media on mobile technology, or other means?
Will be interesting to see what the future in this space holds.