Zoocap

These days, kids in their teens and early twenties are more highly economically influential than any generation before them. Many retailers aimed at this segment of the market have seen marked gains in the last five and more years, and Social Media is teeming with opportunity for large corporate giants. By the time this influential segment leaves college, though, they have on average $3000 in credit card debt, and up to three times that much in student loans. But here’s the real concern: fewer than 20% of workers age 21 to 24 chose to invest in their workplace retirement plans, even with matching contributions. This cycle is reflected in the current conditions for all Americans, with 20% of credit cards maxed out and over $1000 a year paid in interest fees. Forty-two percent of workers cash out their 401K‘s rather than transfer the assets to an IRA or other retirement plan, with only a paltry 1.8% savings rate.  

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