Savings habits of young people can be sobering.
Only 43 percent of eligible workers younger than 25, and 62 percent of those between 25 and 34, participate in 401(k) plans, compared with 70 percent or more of those over 45, according to a 2011 survey from T.D. Ameritrade.
And the young contribute less — 4.3 percent of income for those under 25 and 5.5 percent for ages 25 to 34. Major news outlets such as CBS News reported in 2011 that just 5 percent of around 60 million 401(k) plan participants actually contributed the maximum amount to their retirement savings.
But then, just 23 percent of Americans have an emergency fund capable of covering six months’ worth of expenses, according to bankrate.com.
Columbus certified financial planner Jalene Hahn will presents the free program, “Smart Money Moves for Young Professionals” at 6:30 p.m. Tuesday in the Red Room of the Bartholomew County Public Library, 536 Fifth St. in Columbus.
Hahn will present concrete ideas to build a firm foundation and knowledge to help avoid common pitfalls of becoming a financially resilient adult.
Register for this free session at mybcpl.org under events or call 812-379-1266.
