Low salaries and burdensome student loan payments make it difficult for many young people to begin saving for retirement. Younger workers frequently don’t have access to workplace retirement benefits and are less likely than their older counterparts to contribute when a 401(k) plan is provided. Less than a third (31 percent) of millennials participate in a traditional pension or 401(k) plan through their job, according to a Pew Charitable Trusts analysis of Census Bureau data. That’s significantly less than the half (48 percent) of all workers who use a retirement plan. Here’s a look at why millennials are having a difficult time building wealth for the future.
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