Millennials will be graduating from college with thousands of dollars in student debt, but still must start saving right away, says Karen Wimbish, director of retail retirement at Wells Fargo.
“Whether you have a lot of debt or not, you have to keep plugging… looking toward your goals and trying to make sure you’re achieving them.”
In a recent survey of millennials—defined as those born between 1980 and 2000 — Wells Fargo found that 49% were confident in their abilities to earn and save money for their financial futures. But more than half (52%) said they’re “not very confident” or “not at all confident” in the stock market itself as a place to invest for retirement.
Wimbish attributes the skepticism to millennials living through the dot.com crisis when they were young, followed by the 2008-2009 financial crisis and housing downturn. “They’ve seen families lose homes so understandably they’re skeptical aboutRead More »from A Message for Millennials: Be the Most Aggressive of All Investors: Wells Fargo’s Wimbish