How long do high-income Millennials plan to work for? Maybe forever.
A quarter of Millennials between ages 30 to 34 said they never would be able or plan to retire because they won’t have enough time to save and prepare, according to a new survey, which also found that the group was particularly conscious about their finances.
A study conducted by the Spectrum Group, via Bloomberg, took a look into Millennials that entered the job force just as the Great Recession hit in the late 2000s. Researchers looked at nearly 500 Millennials with annual incomes of $100,000 and couples with a shared income of $150,000.
Millennials who are younger than 29-years-old were slightly more optimistic about their financial lives. They felt less likely about having to work forever and said they were more open to waiting and finding a job they would enjoy.
The study found that older Millennials, who are approaching 40, are wiser with investing their money as their income grows, the reason being it could impact their future and financial implications.
Fifty-three percent of participants said they define success as being able to afford leisure activities, which was a more popular response to raising a family (45%.)
When it comes to finding a career or job, more than a third of Millennials said they opted for places that offered student loan payment assistance over a job that didn’t offer the benefit.