Eggert and his wife, Katie, plan to continue investing in
retirement despite the added cost of welcoming their first
child, Emma, three weeks ago.
— While a study by Northwestern Mutual found that millennials
are feeling stressed by the tug-of-war from wanting to spend money
to knowing they must save for the future, Waukesha County
millennials expressed much more confidence in the financial plans
they have in place.
to Northwestern Mutual 2017 Planning & Progress Study, nearly
two-thirds of millennials (64 percent) recognize that they need a
financial plan that anticipates up-anddown cycles compared to 55
percent Gen X and 43 percent of baby boomers.
study also found that nearly one in four (23 percent) of
millennials view themselves as “highly disciplined” financial
planners (compared to 15 percent for Gen X and 19 percent for baby
boomers) but are still substantially more likely than Gen X and
Boomers to say that their financial planning needs improvement (82
percent millennials relative to 71 percent Gen X and 54 percent
also excel at starting to save early, the study found, with 34
percent of millennials saving at a young age compared to 24
percent of Generation X and 17 percent of baby boomers.
start saving early
Eggert, vice president of commercial banking for Associated Bank,
is a good example of that.
said that when he was 17 years old and working at Associated Bank,
he was told to pay himself first, so he set up a 401K and started
to contribute 3 percent of his paycheck to it. Now, at almost 30
years of age, he is putting 15 percent into the fund.
said since the money isn’t showing up into his bank account, and
instead just going straight into his 401K fund, he doesn’t
really miss the money and then plans his lifestyle around what
goes into the checking account.
there is the desire to enjoy life, Eggert said.
try to have a good balance because we have that same mentality as
some other millennials of wanting to do things,” he said.
and his wife, Katie, welcomed their first child, Emma, three weeks
ago. Reducing his contribution to the 401K fund doesn’t seem
likely, although it’s something Eggert says he has in his back
pocket should the need arise.
Eggert stated saving at a young age, he said the attitude is
millennials, especially those on the younger side who are more apt
Eggert and his wife, using Google spreadsheets to monitor their
spending is key. Both are able to plug in their purchases using
Brock Diedrick with Mangold Creative said because he comes from a
finance background and due to the way he was raised, he has placed
emphasis on saving. After graduating from college, Diedrick said,
it was important for him to obtain a job that had 401(k) options.
And since he still lives in an apartment and doesn’t have kids,
Diedrick felt it was time to start investing in a Roth IRA now.
am being diligent now to put money away, to start earning now to
put myself into a good place for the future,” he said.
millennial friends place importance on spending money on
experiences, such as sporting events and local cultural events,
but the group he is closest to also places importance on saving.
the desire to save and urge to spend can be challenging.
to the Northwestern Mutual study, the financial stress millennials
feel has a pronounced effect on their health, careers and social
percent say that anxiety impacts their job performance daily,
weekly or monthly and nearly one quarter (23 percent) say
financial anxiety makes them physically ill weekly or monthly.
Nearly two in 10 (18 percent) feel depressed due to financial
anxiety on a weekly basis and 24 percent say financial anxiety
affects their relationship with a spouse/partner hourly, daily or