Millennials are slowly finding their economic footing but uncertain of future progress, Prudential study finds

Millennials don’t share the confidence of baby boomers and Gen Xers who believe they’ll be financially better off than their parents, according to a study commissioned by Prudential Financial, Inc. (NYSE: PRU).

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Prudential's 80-Year-Old Millennial study, conducted in partnership with Kantar Consulting, combined expert interviews, a moderated online bulletin board and a quantitative survey of more than 1,000 millennials to learn how the largest generation in the U.S. workforce today envisions progress over the next 50 years. Share and compare your views at 80yearoldmillennial.pru. (Photo: Business Wire)

Nearly nine in 10 millennials (88 percent) say people now in their 20s and 30s will need to work much longer than previous generations did to retire with the same level of financial security. Even if they do work for a longer period, 79 percent believe that by the time they reach 80 years old, comfortable retirement will be a thing of the past. At least 70 percent say that’s because it’s impossible to save as much money each year as prescribed by current retirement planning tools.

Prudential’s 80-Year-Old Millennial study, conducted in partnership with Kantar Consulting, combined expert interviews, a moderated online bulletin board and a quantitative survey of more than 1,000 millennials to learn how the largest generation in the U.S. workforce today envisions progress over the next 50 years. The study focused on millennials’ feelings about workplace trends, economic opportunity, technological advances and maintaining health.

“Millennials are at an important crossroads, having experienced some of the most significant economic booms in history, but also the Great Recession,” said Vishal Jain, Prudential’s Workplace Solutions Group financial wellness officer. “It’s incumbent on financial services companies—and any company that seeks to meet the financial and personal wellness needs of these constituents—to understand the changes that are driving behaviors within this generation.”

Prudential continues to capture data on how millennials envision progress over the next 50 years. Share and compare your views at 80yearoldmillennial.pru.

The Evolving Workplace

Millennials are at the center of changes being driven by technology and the employee/employer social contract. Many entered the workforce during the economic downturn and struggled to launch their careers. They have approached work with a spirit of experimentation over stability. The old assumptions about education, work and retirement no longer apply for themselves and their children.