Here’s how millennials are outsmarting older savers at retirement

Personal Finance

The kids are all right when it comes to saving for retirement.

Those are the findings from a recent Charles Schwab survey of 500 savers in a workplace 401(k) plan.

Of the millennials polled, 64 percent said that they were “very or extremely confident” making investment decisions on their own.

Older participants weren’t as certain of their prowess, as 47 percent of Gen Xers and 39 percent of boomers felt “very or extremely” confident about choosing their investments on their own.

Millennials also report being fee-conscious when choosing their 401(k) investments: 51 percent said that fees influence their decisions “a lot.”

In comparison, about 4 out of 10 Gen Xers and boomers felt the same way. The online survey was taken in June and participants ranged from 25 to 70 years of age.

Chalk it up to the availability of information.

“Millennials came of age with so much access to information and the democratization of knowledge,” said Catherine Golladay, senior vice president, 401(k) participant services and administration at Schwab Retirement Plan Services.

Here’s what you’ll need to bolster your confidence about your 401(k) plan choices.

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