Millennials and money: Atlantans lag on saving, knowledge

Wells Fargo commissioned a poll on attitudes about money and work among 1,600 millennials, those between 22 and 33 years old. It included 157 living in the Atlanta area. The snapshot shows metro Atlantans lag the national averages in several key areas of knowledge, including some of these:

•48 percent of the Atlantans are saving for retirement; that lags the 55 percent national average.

•89 percent say the are not saving because they don’t make enough now or because of other expenses such as saving for a house. They plan to save when income goes up.

•For Atlantans, an employer match on workplace contributions was the biggest trigger to cause them to begin saving (26 percent.)

•53 percent cannot estimate the amount of money needed to live in retired comfort, higher than the national 40 percent.

•35 percent of Atlanta millennials are satisfied with savings, compared to 49 percent nationally.

•51 percent think cashing out a retirement account is OK after losing a job, compared to 38 percent nationally.

•29 percent of the Georgians say paying off student loans is their biggest financial concern (outside of daily expenses).

•And 73 percent say the best way to get ahead is by working for a company rather than starting a business.

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