Summary
As defined contribution plans and other individual account retirement plans have become increasingly central to retirement security, understanding how saving patterns have changed across generations is an important part of assessing long-term financial preparedness. This week’s new EBRI Fast Fact compares Baby Boom, Generation X, and Millennial families at similar ages, examining ownership and accumulation of assets in defined contribution plans using data from the Survey of Consumer Finances.
- Millennials had the largest proportion of their total assets represented by retirement assets.
- Millennials were the most likely to own retirement assets, primarily influenced by the shift from defined benefit to defined contribution plans in the private sector.
- Baby Boomers had by far the lowest median retirement account balance.