Young people blame climate change for their small 401(k) balances:
Lori Rodriguez, a 27-year-old communications professional in New York City, is not saving for retirement, and it isn’t necessarily because she can’t afford to — it’s because she doesn’t expect it to matter.
“The weather systems are already off, and I don’t think it’s hyperbolic to be a little apocalyptic.” — Lori Rodriguez, a 27-year-old communications professional in New York City Meanwhile, two-thirds of millennials — defined by Pew as the generation born between 1981 and 1996 — have nothing saved for retirement, according to the National Institute on Retirement Security. The millennials who are saving had an average balance of $25,500 and were contributing 7.
“What happened in 2008 was an incredible financial flashpoint for millennials,” he says. “After watching their parents lose a job or a home, millennials are contending with a deep distrust for financial institutions and the stock market. That brings out catastrophic thinking, because they’ve already seen a catastrophe.”
“I hope for the best and prepare for the worst,” she says. “But I can’t imagine what my life will look like when I’m retirement age. It’s hard to plan for a future and have faith that money will mean anything anymore.” “Saving money goes against our natural wiring in terms of how our brains have developed over the years,” Klontz says. “It’s difficult to save for the future because it comes at a literal cost. To save, you have to overcome this fear with some relatively intense alternative emotions.”
Alternatively, Klontz offers, young people can be scared into saving money. Because one thing that’s worse than not having a future is not being prepared for a future that comes to pass anyway. Whether to have children was on Sheehan’s mind when he and other employees at a previous writing job attended a work-sponsored meeting about opening a 401 two years ago. Sheehan and many of his colleagues left the meeting without starting accounts. He still has no money saved for retirement and has only grown more resolute in this decision since then.
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