#Retirement planning for Millennials and Gen Z

[destkelamedia]

Defined Benefit vs. Defined Contribution Pension Plans: Understanding the Key Differences

Senior African-American Couple Happy with Their Retirement Plans Retirement planning often involves deciding between various types of pension plans. Among the most common are Defined Benefit (DB) and Defined Contribution (DC) pension plans. Each has unique features, advantages, and challenges. Understanding these differences is crucial for making informed financial decisions and securing your…

[sparklecryptid]

“Why is Gen Z seeming to age faster than Millennials?”

1) making a broad generalization like that without any evidence save for people you seen on the internet is kinda silly 2) even if Gen Z is aging faster than Millennials the only people who will benefit from people talking about it are makeup and skincare companies who will try to use the fear of aging to get their products into more hands 3) who carreeesss climate change is happening, everyone thinks they need to know everything about you, the boundaries of public and private life are ceasing to exist and I’m supposed to care about whether or not I look four years older than I am? I don’t! I don’t care!

But even if we (Gen Z) are aging faster than Millennials have you considered the fact that we are fucking tired. I hardly know anyone who has a retirement plan because most of us know that unless things change we are gonna have to work until we are dead. We were pushed so hard to make ourselves marketable to companies so we can get a job and a home only to find out that even if we get a job we might not ever wind up owning a house so what was the point of all that effort? I know people my age who feel like the systems in place failed us because we were promised more and what we got was high rents, a rapidly changing climate, being locked out of the housing market unless you have someone willing to go in with you or mom and dad have some extra cash and politicians that want us (queer/disabled etc Gen Z) dead.

Like.

Out of all of our problems I think us ‘aging more quickly’ is the least of them.

[polutrope]

Number 23 (Going from a hot tub/sauna into snow/cold water), Galadriel and Celeborn (romantic or pre-romance, up to you)

For the modern AU holiday prompts! Here you are, Anon: ~1100 words of Galadriel meeting a cute boy at her 19th birthday party. (I received this same prompt for another couple, so there will be a part 2 of this with more actual snow jumping😉). Warnings for several f-bombs, some other swear words, and a millennial writing Gen Z. Sorry, besties.

Knotting her plush white robe loosely around her waist, Galadriel led the parade of her girlfriends onto the flagstones of Nevrast Nordic Spa.

Her friends chattered behind her.

“Yo, this place fucks.”

“For real.”

“Ahhh! Gal, it’s snowing!”

“Ugh, this is so boujee. I can’t believe I’m here.”

“Hey, sis,” Galadriel whirled on the last speaker. “No bad vibes, remember?” The other girls laughed. “Yeah, my rules, cause it’s my b-day, bitches!” She threw her arms out in a V-shape and struck a pose.

Edhellos lifted the phone dangling from her hand by a gold finger-loop and snapped a photo. “Ahh queen! You look so cute!” she said, looking at it, and hurried over to Galadriel to show her. Then she gestured to the others. “Come on, come on, babes, let’s get one of all of us.”

All four of Galadriel’s best friends huddled around her while Edhellos held her phone out as far as possible for a selfie.

“Okay, okay,” Galadriel said, and they all hushed. “So the way it works is you go hot, then cold, then relax. Hot pool or sauna, then cold pool or cold shower, then chill for fifteen minutes. And we're supposed to be quiet.”

They all nodded, except Nellas, who was a little removed from the group with her arms crossed over her chest. “I think I’ll just sit and read.”

“Oh come on, Nelly!” Edhellos whined. Evranin shushed her.

“No, it’s fine, Nel,” said Galadriel, and smiled. “Join us whenever.”

*

“I can’t believe we’re all nineteen now,” Lindis said a loud whisper as they lounged in the largest of the hot pools. “We’re so old.”

“Oh, please, spare me. You have no idea what old is,” said Evranin, who was all of twenty-one.

“Hey, I’m still eighteen for two weeks!” Edhellos protested. This time, Lindis shushed her.

Galadriel examined her pruny fingertips. “I don’t know. I’m kind of excited to get older. Maybe my dumbass family will stop treating me like a baby.”

At the mention of her family, Edhellos’ eyes lit up. “Oh hey, how’s Angrod?”

“Oh my god, Los,” said Lindis, “stop thirsting for her brothers!”

“Brother,” Edhellos corrected.

“I dunno.” Galadriel shrugged. “Maybe just ask him out already.”

Edhellos sputtered. The other girls giggled.

“I think Finrod is hotter,” Evranin said casually.

“He is way too old for you!”

“Isn’t he gay?”

“What? No! Galadriel said he had a girlfriend in Valin, remember?”

“The one he dumped?”

“No, she dumped him.”

While her friends debated the relative attractiveness and past relationships of her older brothers, Galadriel sank lower, rolling her shoulder blades back and forth over a water jet. She hummed contentedly and let her eyes fall shut. She’d been all nerves the last month with final exams and papers, but she was finally able to relax.

Just that morning her grades had come in: four A+ and one A (at least she was well above class average the last one). She’d also been taken off the waitlist for a seat in The Paranormal Mind. Thank fuck.

Everyone at Ondolindë University wanted to take that course, but Galadriel needed it if she was going to have any chance of doing her honours thesis with Melian Goel. Evranin, who was President of the Psychology Student Association, said that that Dr. Goel was planning to retire soon and might not be taking new students. Oh pleasepleaseplease, Galadriel thought, please take me.

She exhaled slowly and intentionally released the tension building in her neck. This wasn’t the time for worrying.

Then her eyes flew open and she bolted upright as a surge of water splashed over her.

“What the fuck!” she shouted, swiping the backs of her hands over her eyes.

“Celeborn, you dumb shit!” a male voice cried from behind her before breaking up into laughter.

“Oh god, I’m so sorry.” The person who’d narrowly missed tumbling on top of her rose from the water with an expression of sheer terror. “I’m so, so sorry. Are you okay? Oh god, I’m sorry. I slipped, we were racing from the…" Catching the look on Galadriel's face, his nose crinkled sweetly. "I guess that’s a pretty dumb excuse, huh?"

“Yeah, it is.” Galadriel smirked and bit her lip. He was her type: tall, slender but well-toned, and a little timid. Which was far preferable to the blustering arrogance that most guys her age — no, scratch that: all ages — liked to use to hide their emotional incompetence.

“That’s a sick tattoo,” she said, gesturing with her chin to the elegant tree climbing its way up one bicep.

“Oh, really?” he said. “Thanks. It’s a beech. There are a lot of them where I grew up, and— never mind, doesn’t matter. Thanks. Hey, by the way," he held out a hand, “my name’s Celeborn.”

“Galadriel.” His handshake was firm, but not too firm. Long fingers, too. A little spark of excitement shot down her arm as she pulled back. “So, you were racing—?”

She was cut off by a whoop from his friend still standing on the flagstones behind them, which prompted Galadriel’s friends, who’d huddled by the small waterfall at the opposite end of the pool, to finally take notice of the interaction.

As Celeborn’s friends — the first now joined by two more — slid into the pool, Galadriel’s group drifted over like a train of ducklings lured by breadcrumbs.

“Hey, I’m Galathil,” the loud one said, “and this is Mablung, and Beleg. Celeborn here is my little brother.”

Galathil attempted to ruffle Celeborn's silver-blond hair, but it clung wetly to his head.

“Hi,” Galadriel waved coolly, then dragged her eyes from Celeborn to the empty space beside her, beckoning him to sit before someone else did.

He picked up on the cue, seating himself at a respectable distance; but to his right, Edhellos slyly shuffled over so that he too was forced to scoot closer to Galadriel.

“Yeah,” he said, in answer to her interrupted question. “We thought it would be fun to, you know, go from the sauna into the snow,” he pointed to the snow banks around the spa area, “and then from the snow to the hot tub.”

“Oh really?” Galadriel’s eyebrows shot up, and Celeborn looked sheepish. “You know you’re supposed to ‘relax’ in between the cold and going back to the hot?”

Several of Galadriel’s friends giggled.

“Huh?” said Celeborn.

“You’re supposed to go hot, cold, then relax for fifteen minutes.”

“Really?”

“Yeah.” Galadriel smiled and smacked his arm lightly. “But the snow thing sounds fun.”

His face split into a dashingly handsome smile that dimpled his cheeks. “Yeah,” he said. “It is.”

“Hey fam,” she called to her friends. “Wanna jump in the snow?”

“What!” shrieked Lindis.

“Hell no,” said Evranin.

“Ahh so fun, yes please!” Edhellos squealed, and levered herself out of the hot tub. “I’ve always wanted to do that.”

“Lit,” said Galathil to no one in particular, and followed her.

“Come on,” Galadriel said to Celeborn as the others squirmed and scurried out of the pool in various states of enthusiasm. “I’ll hold your hand so you don’t slip this time.”

[elfwreck]

And unfortunately, this ties heavily into politics.

"How can they vote for That Asshole?"

"Because they get all their news from a single tv channel and a tiny, alt-right-controlled set of text sources."

"Why don't they look for The Real Truth? Why don't they move outside of that tiny siloed bubble?"

"Because they are FUCKING EXHAUSTED, which is exactly what the capitalist hellscape system intended." They were raised in a siloed bubble where they didn't get enough sleep or free social time as teenagers and then pushed into full-time-plus jobs (...plus kid-care, for the women) as soon as they reached legal adulthood, and they were never given time to rest or the resources to know they needed it.

(And there are plenty of exhausted people who did not vote for That Asshole, but they were not raised in a silo they are still stuck in. Something has to happen to push people out of that.)

(And yes, there are plenty of alt-right voters who are not exhausted. But if you were wondering about the ones who seem to be voting directly against their own interests... they are. so. damn. tired.)

Tired Gen-Xers have gotten cynical and believe there's no point in voting for anything; anything you gain will be ripped away in the future so why bother trying?

Tired Millennials are certain it's all incomprehensible propaganda. You can't tell what's real from what's fake so better to just vote for what the people you love and trust are voting for.

Tired Gen-Z are trying desperately to enjoy their youth and resent the constant message of "it's up to YOU to fix the world WE broke."

(And tired Boomers are resentful that their promised Sweet Retirement In Prosperity has not come to happen and they are often not interested in "vote for a better future for tomorrow's kids"; they want the better future they were promised at 18 and they are voting for whoever says they still deserve it and can have it.)

...Not all of them. But enough to tank any progressive plan for "let's make Real Fucking Changes even though it'll be hard for a while."

They're too exhausted to support "hard for a while" messages. They want "you deserve better and I'm going to make sure you have it." And they're too tired to realize it's all lies and hot air.

as a child I wondered why adults were so stupid (doing things out of habit/routine/heuristics rather than reasoning explicitly about what to do based on their goals) and the answer is that adults are unimaginably fucking tired all the time

[tradesman-staffing-solution]

Bridging the Gap in 2025: Trends and Challenges in Staffing & Recruitment Agency

Bridging the Gap in 2025: Trends and Challenges in Staffing & Recruitment Agency

As the construction industry and engineering sectors adapt to transformative global changes, the workforce powering these industries faces unprecedented challenges and opportunities. Technological advancements, demographic shifts, and evolving workplace dynamics are reshaping how companies recruit, train, and retain skilled professionals. By 2025, the staffing landscape for construction trades and engineering will look vastly different, influenced by emerging trends and complex challenges.

This article delves into the biggest trends and hurdles shaping the future of staffing in these crucial industries.

1. Technological Disruption in Staffing Needs

The integration of advanced technologies such as Building Information Modeling (BIM), robotics, and Artificial Intelligence (AI) is redefining the skill sets required in construction and engineering. These tools are improving efficiency, safety, and precision but also necessitate a shift in workforce competencies.

Trend:

By 2025, companies will prioritize hiring professionals skilled in:

BIM and digital twins for project planning and management.

Automation and robotics for tasks like automated welding, 3D printing, and drone-based site inspections.

Data analytics to optimize project outcomes.

Challenge:

The rapid pace of technological change has outstripped traditional training methods, leaving a skills gap. Companies must invest in upskilling their workforce to bridge this divide.

2. Labor Shortages and the Aging Workforce

The construction and engineering industries are grappling with an aging workforce, with many experienced professionals nearing retirement. At the same time, fewer young people are entering these fields, creating a talent shortfall.

Trend:

Younger generations, particularly Millennials and Gen Z, will become key to addressing this gap. However, attracting them requires showcasing the innovative and impactful aspects of construction and engineering work.

Challenge:

Overcoming negative perceptions of construction trades as labor-intensive or less appealing compared to technology-driven careers will require a comprehensive rebranding of the industry.

3. Increased Emphasis on Sustainability

Sustainability is becoming a driving force across construction and engineering projects. From green buildings to renewable energy infrastructure, the industry’s focus is shifting toward environmentally responsible practices.

Trend:

By 2025, workers skilled in sustainability practices will be in high demand. This includes expertise in energy-efficient design, eco-friendly materials, and renewable energy systems.

Challenge:

Finding candidates with both traditional construction skills and a strong grasp of sustainability principles is a growing challenge. Companies must collaborate with educational institutions to ensure these competencies are included in training programs.

4. Diversity and Inclusion in the Workforce

Diversity and inclusion (D&I) are no longer optional in trades and engineering staffing. A diverse workforce brings varied perspectives, fosters innovation, and improves problem-solving.

Trend:

Organizations will implement targeted strategies to increase the representation of women, minorities, and underrepresented groups in these industries. Initiatives may include mentorship programs, scholarships, and partnerships with community organizations.

Challenge:

Despite progress, barriers such as gender stereotypes and limited access to STEM education persist. Companies must actively address these systemic issues to create a truly inclusive workforce.

5. Apprenticeships and Vocational Training Revival

With labor shortages looming, apprenticeships and vocational training are making a comeback. These programs offer practical, hands-on experience, creating a pipeline of skilled workers ready to meet industry demands.

Trend:

Governments and private organizations will increasingly invest in apprenticeship programs, combining classroom learning with on-the-job training. This approach ensures that workers are prepared for the complexities of modern construction and engineering projects.

Challenge:

Scaling these programs to meet demand and ensuring they are accessible to diverse populations will require sustained collaboration between industries and educational institutions.

6. Technology-Driven Recruitment

Recruitment processes are becoming more sophisticated, leveraging technology to streamline hiring and identify the best candidates.

Trend:

By 2025, AI-powered platforms, data analytics, and virtual reality (VR) tools will dominate recruitment in construction and engineering. These technologies enable efficient candidate screening, skill assessment, and virtual job simulations.

Challenge:

Reliance on technology may inadvertently introduce biases into hiring algorithms. Balancing technological efficiency with human judgment is critical to ensuring fairness.

7. Focus on Employee Retention

In an increasingly competitive labor market, retaining skilled professionals is just as important as hiring them. Companies must focus on creating fulfilling work environments to keep top talent engaged.

Trend:

By 2025, organizations will invest heavily in professional development, offering clear career paths, upskilling opportunities, and leadership training. Flexible work arrangements and wellness programs will also play a significant role in retaining employees.

Challenge:

Balancing the costs of retention initiatives with immediate project needs can be challenging, particularly for smaller companies operating on tight budgets.

Conclusion

The future of construction trades and engineering staffing is marked by both exciting opportunities and pressing challenges. Technological advancements, sustainability goals, and changing workforce expectations are reshaping how these industries recruit, train, and retain talent.

To thrive in this evolving landscape, companies must adopt proactive strategies. These include embracing diversity, leveraging technology, investing in training programs, and rebranding the industry to attract the next generation of workers. By addressing these challenges head-on, the construction and engineering sectors can build a resilient, skilled workforce ready to tackle the demands of 2025 and beyond.

[jaffetilchin]

The Wealth Management Transformation

The wealth management industry is undergoing a significant transformation, driven by technology, evolving client expectations, and regulatory changes. Here’s an overview of the critical shifts and how wealth management firms are adapting to stay competitive and relevant:

Rise of Digital Platforms What’s happening: Digital-first wealth management platforms are automating portfolio management, financial planning, and client communication. Robo-advisors are catering to tech-savvy investors, offering low-cost, efficient solutions. Why it matters: Traditional firms must integrate technology to provide a seamless, hybrid experience combining human expertise with digital convenience.

Hyper-Personalization What’s happening: Clients expect personalized strategies tailored to their unique goals, values, and life stages. Tools like AI-driven analytics and client profiling enable advisors to deliver highly customized advice. Why it matters: Cookie-cutter approaches are no longer sufficient in building trust and loyalty among increasingly diverse clients.

ESG Investing as a Priority What’s happening: Environmental, social, and governance (ESG) considerations are becoming central to investment decisions. Clients want portfolios that reflect their values without sacrificing returns. Why it matters: Wealth managers must offer ESG-compliant products and demonstrate their impact with transparent reporting.

Emphasis on Financial Wellness What’s happening: Wealth management now goes beyond investment returns to focus on holistic financial health. Services like debt management, retirement planning, and tax optimization are integrated into offerings. Why it matters: Clients value a comprehensive approach that secures their long-term financial well-being.

Democratization of Wealth Management What’s happening: Platforms like Robinhood, Acorns, and Betterment are breaking down barriers to entry, making investment accessible to younger and less affluent clients. Why it matters: Firms must rethink pricing structures and engagement strategies to attract and retain next-gen investors.

Cybersecurity and Data Privacy What’s happening: As wealth management becomes more digital, protecting sensitive client information is paramount. Firms are investing heavily in cybersecurity to safeguard trust. Why it matters: A data breach can damage a firm's reputation and erode client confidence.

Regulation and Compliance Evolution What’s happening: Governments and regulators are updating frameworks to protect investors and promote transparency, particularly around fees and ESG claims. Why it matters: Staying compliant while remaining innovative requires firms to adapt swiftly to regulatory changes.

Generational Wealth Transfer What’s happening: Baby Boomers are transferring trillions of dollars to younger generations. Millennials and Gen Z prioritize different values, including technology integration and social impact investing. Why it matters: Wealth managers need strategies to connect with heirs and meet their distinct preferences.

Human Expertise Augmented by AI What’s happening: AI-powered tools are analyzing data, predicting market trends, and streamlining operations, freeing advisors to focus on relationship-building and strategic planning. Why it matters: Combining technology with human insight creates a competitive edge.

Shift Toward Subscription Models What’s happening: Traditional commission-based fee structures are giving way to subscription models, appealing to younger clients who prefer transparency and predictability. Why it matters: Firms must adapt their pricing to meet client demands while maintaining profitability.

Preparing for the Future The wealth management industry is at a crossroads, where innovation and client-centricity define success. Firms that embrace technology, prioritize personalization, and align with evolving values will lead the transformation.

The challenge: Balancing the human touch with cutting-edge tech to deliver unparalleled client experiences. The future belongs to those who can navigate these changes with agility and vision.

[time-traveling-fetus]

Unsurprisingly I don't think anyone here actually read the article. It isn't judging or criticizing. It doesn't put forth any opinion and barely puts a highlight on anyone else's opinion about what "should" be done. It is simply reporting what is happening. Much of it is stats and quotes from millennials. It's actually rather dry.

It covers increasing rent, inflation, interest rates, higher education, and how it makes budgeting and long-term planning harder for millennials/gen z. It also gives voice to millennial/gen z's pessimistic attitudes towards their own futures and why they calculate that short-term purchases have higher value.

Despite wealth gains, young adults’ financial pessimism has encouraged many to spend in ways that make them happy now, said Kyla Scanlon, author of “In This Economy? How Money & Markets Really Work.” “People are just exhausted, and so if you’re asking them to think five to 10 years in the future, well I can barely think about tomorrow,” she said. In an Intuit survey last month, two-thirds of Gen Zers said they weren’t confident they’d ever afford to retire, and nearly three-quarters hesitated to set long-term goals. Singla, a millennial, doesn’t feel much more certain about what steps to take.“If I had to leave my job and take a break or take a vacation, I used to feel comfortable we could do that,” he said. Now, “everything feels like a splurge.”

Honestly, I think most people complaining here would agree with the information presented in the article if they actually read it. Literally the first two sentences are about how some people feel they don't have a choice in determining their spending habits. Instead y'all just want somebody to yell at

[xtruss]

Gen Z, Millennial, Zillennial? Find Your Generation — And What It Means — By Year

— By Stephen J. Beard and Veronica Bravo | October 08, 2024

Generation breakdown Veronica Bravo, Getty Images

Where Were You When The Space Shuttle Challenger Exploded?

The answer to that question is just one example of how generations identify with a shared experience. Baby boomers may have watched from a break room at the office or heard about it on the radio. Many Generation X kids sat in a classroom and watched live on television as the first space-bound teacher, 36-year-old Christa McAuliffe, perished with six fellow astronauts. The earliest millennials may have witnessed this moment, too, but would probably be too young to remember.

Then there's the rest of us − the roughly 44% of Americans living today (and growing) − who were born after the disaster in January 1986 and did not share the impact it had on the country.

Finding Balance:Millennials, Gen Z are 'Spiraling,' Partying Hard and Blowing Their Savings. Why?

And that's how shared generational experiences work. Identifying with a generation becomes a shorthand for references to shared common cultural experiences, advances in technology and behaviors forged by witnessing collective significant historical events. Generational identity also informs policy-making, particularly around marketing, health care and retirement.

An ESRI analysis of the predominant generation by location in the country shows a higher concentration of millennials in larger urban areas like Chicago, Houston and Los Angeles, while baby boomers make up the largest generational subset in vast swaths of rural areas.

Years When Each Generation Was Born

While pigeonholing someone to a particular generation based solely on birth year isn't a perfect way to determine that person's identity, it helps policymakers establish a baseline for where that person is the age range. Here are the widely accepted year ranges that define today's generations:

Another example of a generational cultural touchstone is the way we consume music. From the early days of vinyl records and radio to cassettes and CDs to streaming services and social media platforms, music listening formats are nearly baked in to each generation's formative years.

In 2023, millennials maintained their place as the largest segment of the U.S. population, a trend that began in 2019 when they surpassed baby boomers because of aging.

Generations and Race in The US

Grouping generational identities by race and ethnicity helps paint a broad picture of how U.S. demographics are changing. In 2023, Gen Alpha was the most racially and ethnically diverse generation, with whites making up less than half of the population of people born in the Gen Alpha birth years (2013 to present).

How Generational Identity Affects Retirement Outlooks

Though age, as the saying goes, is just a number, categorizing people by age can help researchers frame discussions around important age-specific issues like retirement. According to a report in June by the Transamerica Center for Retirement Studies, nearly half of all workers across four generations from baby boomers to Gen Z either plan to retire past age 65 or not retire at all.

But the confidence in retiring at or before age 65 drops sharply with age: 63% of Gen Z respondents are confident in retiring by 65 versus only 48% of Gen X with similar plans.

— SOURCES: Pew Research Center; Annie E. Casey Foundation; Purdue Global; Transamerica Center For Retirement Studies

[destkelamedia]

Top 5 Pension Funds Offering Exceptional Returns in 2024

Maximize Your Retirement Savings: Discover the Top Pension Funds for High Returns in 2024 Planning for retirement requires careful selection of pension funds that align with your long-term financial goals. With many options available, finding a fund that delivers high returns and stability is essential for securing your financial future. In this article, we explore five pension funds renowned…

[reitmonero]

Future Trends in Budgeting Apps: What to Expect in the Next 5 Years

As technology continues to evolve, budgeting apps are poised for significant advancements in the next five years. Here are some key trends to watch:

AI-Driven Personalization: Expect budgeting apps to harness artificial intelligence more effectively. These apps will analyze users’ spending habits and financial goals, offering personalized advice and budgeting plans. This customization will help users make informed decisions, anticipate expenses, and optimize their savings.

Integration with Financial Wellness: The future of budgeting apps lies in holistic financial wellness. Users will seek platforms that offer not only budgeting tools but also resources for investing, retirement planning, and debt management. Comprehensive features will empower users to improve their overall financial health rather than just tracking expenses.

Enhanced Security Measures: As digital transactions grow, so do concerns over privacy and security. Future budgeting apps will adopt advanced encryption methods and biometric authentication to safeguard user data. Additionally, they may incorporate blockchain technology for transparent and secure financial transactions, building user trust.

Gamification Elements: To engage users, budgeting apps will incorporate gamification strategies. Features like rewards, challenges, and visual progress tracking will motivate users to adhere to their budgets and financial goals. This approach can transform budgeting from a mundane task into an interactive experience.

Collaboration Features: In an increasingly shared economy, future budgeting apps will offer collaborative budgeting tools for families, roommates, or friends. Users can set up joint budgets, track shared expenses, and even manage group savings goals. This social aspect will encourage accountability and foster better financial habits.

Sustainability Tracking: As environmental consciousness grows, budgeting apps may start to include features that track the sustainability of users’ spending. For instance, users can see how their purchases impact the environment and receive suggestions for more eco-friendly alternatives. This integration of ethical spending aligns with the values of many millennials and Gen Z users.

[hamzaaslam]

Younger Singaporeans Aim for Early Retirement, Projecting Monthly Expenses Below S$6000

Majority of millennials and Gen Z anticipate retiring in their 50s but only start planning in their 30s SINGAPORE – Media OutReach Newswire – 24 September 2024 – Most Singaporeans (81%) aspire to retire between the ages of 50 and 70, with younger generations, including millennials (71%) and Gen Z (71%), aiming for retirement at 60. 75% of Singaporeans have prioritised planning for retirement,…

[employehub]

73% of Employees Want More Education on Company Benefits; Employers’ HR Administrative Burdens Are Getting in the Way.

Growing Demand for Benefits Education Among Employees

A recent survey reveals that 73% of employees desire more education on their company benefits. Employees often feel overwhelmed by the complexities of health insurance, retirement plans, and wellness programs, leading to confusion about what they are entitled to. As a result, there is a pressing need for companies to improve communication and ensure that workers fully understand the perks available to them.

The Role of Benefits in Employee Satisfaction

Employee benefits play a crucial role in overall job satisfaction. In fact, when employees fully understand their benefits, they are more likely to appreciate their company’s efforts and remain loyal. However, many employees are unaware of how to access or use these perks, which can lead to frustration. As a result, companies may miss out on boosting retention and morale.

HR Departments Are Feeling the Strain

While employees seek more education, HR departments face increasing administrative burdens. HR professionals are already tasked with managing hiring, compliance, and employee relations, and providing benefits education adds another layer of responsibility. Because of these competing priorities, HR teams often struggle to offer the detailed guidance employees need, leading to a gap in benefits education.

Administrative Complexity Hinders Employee Support

One major reason HR teams are overwhelmed is the growing complexity of benefits administration. For example, managing multiple vendors, ensuring compliance with regulations, and keeping up with changes in employee needs requires significant time and resources. Consequently, HR teams often find themselves focused on logistical tasks rather than providing personalized support to employees.

Technology Offers Potential Solutions

To alleviate these challenges, many organizations are turning to technology. Digital platforms and automated systems can help streamline benefits administration, making it easier for HR teams to manage their workloads. Furthermore, these tools can provide employees with easy access to educational resources, allowing them to better understand their benefits without overburdening HR.

Employee Expectations Are Shifting

As the workforce evolves, so do employee expectations. Millennials and Gen Z workers, in particular, are more likely to prioritize comprehensive benefits packages, including mental health support and flexible work options. This shift highlights the importance of not only offering diverse benefits but also ensuring that employees know how to use them effectively.

The Importance of Proactive Communication

Despite the growing use of technology, human interaction remains key to effective benefits education. Companies that take a proactive approach by offering workshops, Q&A sessions, and personalized consultations can help employees feel more confident in their choices. In turn, this can lead to greater employee engagement and satisfaction.

Collaboration Between HR and Leadership Is Essential

For benefits education to succeed, there must be collaboration between HR teams and company leadership. Executives should recognize the value of investing in employee education and provide the necessary resources for HR teams to fulfill this role. By working together, leadership and HR can create a culture where employees feel informed and supported.

The Path Forward: Balancing Efficiency and Support

In conclusion, while employees are eager for more education on their benefits, HR departments are often hindered by administrative burdens. However, with the right mix of technology, proactive communication, and leadership support, companies can find a balance that meets both the needs of employees and the operational demands of HR. Investing in benefits education is not just an administrative task — it’s a strategic move that can lead to happier, more engaged employees.

[robfinancialtip]

The Great Wealth Transfer is unfolding in surprising ways, significantly affecting millennials and Gen Z. Key trends include delayed inheritances and shifting expectations around wealth distribution. How will these changes impact on your financial planning and future wealth opportunities?

Today's Stocks & Topics: IOSP - Innospec Inc., Market Wrap, NXT - Nextracker Inc., IMNN - Imunon Inc., The Great Wealth Transfer: Surprising 2024 Trends and Future Impacts, 401/457 Plans, The Insurance Industry vs. Retirement Savings, LUMN - Lumen Technologies Inc., LSTR - Landstar System Inc., MATX - Matson Inc., AMAT - Applied Materials Inc., Is the US Heading into Recession?

Video Content Details

00:00 Intro 00:26 The Great Wealth Transfer 05:58 MARKET WRAP 08:12 IOSP 10:36 NXT 11:45 IMNN 13:50 401/457 Plans 19:18 The Insurance Industry vs. Retirement Savings 25:45 LUMN 27:52 LSTR or MAXT 30:18 AMAT 31:31 Is the US Heading into Recession?

Call 888-99-CHART to hear your questions answered live.

[mlsi9]

Why Gen Y & Gen Z Prefer Leasing Over Ownership

Millennials and Gen Z are driving significant disruptions today. From moving beyond the 9-5 work culture to wanting to drive change and sustainability to seeking more options when it comes to transportation. So, what makes this demographic different? Is it the fact that they are digital-first natives and expect flexibility and mobility across all their transactions or more than that?

Let us first answer, who are millennials & the Generation Z? While there may be some debate between the actual birth years, anyone who is born between 1981 and 1997 can be tagged as a millennial. Many also refer to millennials as the ‘Gen Y’ generation or ‘digital’ natives. On the other hand, ‘Gen Z’ refers to anyone born between 1997 and 2015. The reason is primarily due to the year of birth or coming of age at the dawn of the 21st century. These ‘plugged in’ generations were the first people to be born in a digital world where technology is a part of everyday life. According to popular statistics, a typical millennial checks their smartphone at least 150 times a day; the oldest millennial had access to the internet since high school.

Interestingly, there has been a dramatic shift in culture and value for Gen Y and Gen Z generations. They have completely redefined relationships. The difference between the baby boomers and the Gen X generation is quite stark. Whether it is hanging out with friends online, getting married and having children by a certain age, planning retirement, or even buying a house or a vehicle, the traditional yardsticks simply do not apply to this group. Instead of concentrating on the ownership of assets, millennials today are more focused on achieving professional success and giving themselves the time to attain financial freedom.

The power of ownership is wavering on these digital natives. Home ownership among millennials in the United States fell to 34% in 2016, a record low in five decades. In 2020, the figure went up to 47.9%, which was still low. And young consumers, according to the U.S. auto industry is predisposed to leasing vehicles as opposed to owning them.

The scenario is not very different in India. Indian millennials and Gen Z are shying away from long term financial obligations that come with owning high value assets like a home or a vehicle. While convenience and connectivity are definite considerations, the need of the hour is flexibility. And owning assets such as homes and vehicles certainly do not contribute to reaching that objective.

The primary belief among these two generations is in the contemporary pattern of ‘pay as you go’. And leasing falls completely in line with that. At the end of the day, it simply comes down to a shorter commitment.

The 3 major trends that are influencing Gen Y and Gen Z towards leasing and subscription models today are gratification, commitment, and affordability.

A Stanford University study touted that delayed gratification is a significant precursor to success. In today’s on-demand world, the term ‘delayed’ is subjective. Millennials and Gen Z, on the other hand, are people who seek instant gratification that can be easily attained through leasing and subscription models and with much less financial planning.

Gen Y and Gen Z today are more interested in spending their hard-earned money on experiences rather than investing in ownership of assets. Only about 30% of millennials live with a spouse and child are married compared to 46% of baby boomers when they were of the age that millennials are now. This simply goes on to show that this generation is not big on commitment at all – something that is closely associated with asset ownership.

A key consideration among millennials when it comes to ownership of assets is affordability. Moreover, many such purchases require financial down payments that a lot of the Gen Y and Z generation people have not had time to create. In such situations, renting or leasing seems like a more attractive option.

All these trends drive in the same direction to make it clear how leasing fits in perfectly with the millennial lifestyle. Depreciating assets like vehicles are not something that millennials and Gen Z want to invest in at all. In fact, they look for freedom of choice combined with minimizing any long-term financial obligations. This frees up capital that they can use elsewhere - an idea that fits in with the Gen Y and Z lifestyle completely.

According to Deloitte's 2019 Global Automotive Consumer Study, 51% of Indian millennials are reevaluating their need to own a vehicle. On the other hand, leasing makes it possible for the Gen Y and Z generations to access the convenience of a private vehicle along with tax benefits minus the responsibilities of regular maintenance, insurance, etc. Moreover, if one is a vehicle buff, changing over to the latest models as they arrive in the market is a real possibility that cannot happen frequently if one owns the vehicle.

For the auto sector, the idea of leasing is a gamechanger. Many in the automobile sector even believe that lease penetration is correlated to long term customer loyalty. From a consumer perspective, it shows the inclination towards the concept of shared mobility powered by digital solutions ensuring a safe commute for those availing of the service.

The feeling is not just limited to leasing vehicles. Given that demand is increasing, the concept is slowly spreading across multiple product categories and is predicted to explode in the next few years. So long as the model caters to the fuss-free lifestyle of these two generations, leasing is here to stay.

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