When I was a synagogue Vice President, I was miffed that the main leadership were relics of the past who insisted it was still 1978 and just having our doors open would get new members. I said the synagogue needed to change its approach as younger families didn\u2019t see the value in paying synagogue dues.<\/p>\n
Similarly, plan providers need to understand that just providing 401(k) plan services isn\u2019t enough. They need to connect with millennials because there seems to be a lack of interest for these employees to get involved in a 401(k) plan. Navient\u2019s Money Under 35 study states that 40% of millennials think they can wait on saving for retirement. To me, it shows a lack of connection between retirement plan providers and a growing sector of the audience that 401(k) plans serve. I believe that unless this is fixed, we are going to have a negative outflow when the baby boomers and people from my generation retire because these are the people who are saving in 401(k) plans these days.<\/p>\n
Like the Y2K problem, this is a long-term problem that can be solved with more effective communication with millennials about the necessity of retirement savings.<\/p>\n
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