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A3b Back to Basics: Understanding Millennials' Retirement Plan Participation Decisions From the Perspectives of Employer Contribution and Automatic Enrollment
Key Words
Retirement plan participation, retirement savings, automatic enrollment, employer contributions, millennials
Short Description
Why aren't some Millennials participating in employer retirement plans? This study seeks to answer this question empirically from the perspectives of automatic enrollment and employer contributions. The analyses draw data from the 2018 U.S. Financial Industry Regulatory Authority's Millennial Investment Study. Controlling for several factors, including total debt, household income, risk tolerance, and investable assets, the findings from this study reinforce the fact that automatic enrollment and employer-contribution provisions matter. More specifically, the results show that some Millennials may not participate in employer retirement plans because their employers do not either auto-enroll employees or provide a match/straight contribution. Others who are less likely to join an employer retirement plan include those unsure about the availability of auto-enrollment or employer contributions. The findings have implications for employer retirement plan designs and communication effectiveness.