As you plan for recovery, know your twentysomethings.
Members of Gen Y value on-site dry-cleaning, fitness centers and cafeterias more than a good 401(k) plan. By contrast, Gen X’ers and baby boomers want bonuses and 401(k) matches.
Gen Y’ers are likely to choose an impressive job title and the opportunity for promotion over a raise.
Already, they’re predicting that they’ll have to work beyond the traditional retirement age, and they blame it on the recession. Yet more than half say they’re not saving or investing for retirement since the recession.