Why aren't millennials saving for their retirement? Personal Development adviser Larry Winget tells the FOX Business Network's Sandra Smith that it's the mentality of millennials that's holding them back.
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According to a Wells Fargo (NYSE:WFC) survey, 54% of millennial women said their finances are too strained to save for retirement. That’s not hard to believe, especially since about 40 million Americans hold student loans totaling about $1.2 trillion in debt. (Many millennials surveyed cited student loan debt as a reason for delaying saving for retirement.)
Wells Fargo's latest report predicts a "retirement crisis" for the millennial generation.
But Winget argues that millennials could do more to prepare, yet they are too busy coming up with excuses like "there's too much wage disparity between the genders, [or] the job market is not going to be good enough."
Winget also added that while millennials might cite being stretched too thin as a reason for delaying retirement saving, he said that this is a mistake they can't afford to make.
"Adjust your lifestyle. Don't spend more than you make. 43% of Americans spend more money than they earn," says Winget.
Winget notes that millennials have fallen into a trap of expecting other institutions to rescue them.
"[They are thinking] somebody should take care of me. They should take care of my healthcare, they should take care of my education, and they sure should take care of my retirement," he said.