Younger generations taking advantage of retirement plans

The overwhelming majority of employees, 84%, stated an employer-provided retirement account would be a major factor in accepting their next job offer, according to an annual survey conducted by the Transamerica Center for Retirement Studies. While three-quarters of the workers surveyed had a 401(k) or other retirement savings vehicle provided, 81% of those workers participated in the plan.

The majority of the baby boomer generation participating in a retirement plan at work, 57%, have been saving between 1% and 10% of their salaries in employer-sponsored retirement accounts. However, subsequent generations are socking away higher portions. Nearly 60% of millennial and Generation Z participating employees place at least 11% of their salaries in employer-sponsored retirement accounts.

However, many employees want their companies to provide more retirement information and advice. The overwhelming amount of Generation X, millennials and Generation Z workers agreed with that sentiment to at least some agree. For baby boomers, 33% strongly agreed and 8% somewhat agreed.