Many Millennials Don’t Expect Any Retirement Benefits

A recent report has found out that most Millennials don’t expect too much from their retirement and retirement benefits. Some believe that they won’t retire at all. Millennials also prefer to take breaks from the jobs rather than save for retirement. The Millennials are also working harder than other generations, says the report.

The Retirement Age and Retirement Benefits Expectations

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More than 30 percent of Millennials across the world think that their retirement age would be 65 to 69. One in ten Millennials stated that it is highly likely that they will work until they die. It is being believed that they would work through their entire life primarily because they won’t have ample retirement benefits. The report was a result of a survey conducted by Manpower Group. The survey studied about 19,000 Millennials working in 25 nations.

Different Views About Retirement

The survey clearly found that the views of Millennials on retirement are very different from the views of the baby boomers.

There are some Millennials who think that they should tuck everything away for a mortgage, get good jobs to pay it off and have kids like their forefathers. Other Millennials don’t prefer to being tied to a job and even a house. They even prefer not to have any debt. These details were shared by Nathan Parkhouse, who serves as a Financial Planner at ParkHouse Financial.

Taking Breaks

The survey also revealed the fact that about 84% of Millennials wish to take breaks from work so that they could enjoy personal well-being and leisure activities. About four in 10 Millennials admitted that they had this wish to take significant breaks for vacations, relaxation, and travel.

Work Preferences

The report pointed out the things Millennials value most while choosing their profession. They are security, money and time off. The Millennials wish to feel secure in the job, they want to get rewards for their efforts and they aspire to get breaks from work to refuel themselves.

Working Hard

The Millennials give more importance to enjoying their jobs and colleagues. They also wish for more flexibility at work and developing new skills at work, according to the survey. About 70% of Millennials work more than 40 hours every week and about a quarter work for more than 50 hours every week. About 26% of the Millennials have two or even more jobs. These stats indicate that the Millennials are working harder than any other generations who were mostly looking forward to accumulating enough to enjoy good retirement benefits.