Millennials Hurting Themselves for Retirement - myfoxcarolinas.com

Millennials Hurting Themselves for Retirement

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Millennials aren't saving like they should be, according to a Wells Fargo study.

"80% of millennials say they've learned from the recession that they need to save in order to weather a financial crisis," said Wells Fargo's Karen Wimbish. "Only about 55% are actually saving."

She says half of millennials are spending half of their paycheck, just paying down their debt. To top it off, credit card debt for the group is exceeding student loan debt.

They worry about paying their debt before they're worrying about retirement, and that can be a problem. Many don't elect to take the 401k's their companies are providing.

That's the wrong idea, says Wimbish.

"There's not a better deal in town than investing in your 401K. If you don't have access to that than an IRA is the next best."

Should you run into a financial hiccup, she also says not to cash it out.

The study also found that the gender gap is just as big as ever. Women still make 76.5 cents to the dollar and are much less financially literate

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