Young Workers Are Not Saving For Retirement, According to a New Report New survey found that 45% of workers between 18 and 35 are waiting for a 'return to normal' before saving for their future.
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The pandemic twisted day-to-day life inside out, shifting our habits, routines, social norms, and, of course, spending. This, coupled with historically high inflation, has prompted many Americans to dip into their nest eggs and savings to get by. But one demographic has put off saving the future entirely.
A survey by Fidelity found that 45% of workers between the ages of 18 and 35 "don't see a point in saving for their future until things return to normal," according to USA Today.
But what is "normal" and will this mindset actually young workers in the end?
The survey didn't specify the parameters or definition for what a "return to normal" means, but rising inflation and the pandemic were the two major factors cited as presenting an obstacle to saving.
Experts at The Motley Fool report that delaying retirement savings, even for just five years, can cost you more than $50,000 over the course of your working years.