Many of you probably assume that retirement is the furthest thing from the minds of the mid-20s to early 30s crowd. However, a deep dive into a trending Twitter hashtag reveals this generation is thinking about retirement after all. A quick Twitter search of #MillennialRetirementPlans brings up a mixed bag of posts that sheds light on the generation’s perspectives on life after retirement. Some are funny, some are absurd, and a few are even poignant and devoid of sarcasm. However, all of them give the impression that a large portion of the youngest members of today’s workforce have no idea how they’re going to build a nest egg.
Unsurprisingly, student loan debt is a factor many believe will be a roadblock to retirement. Compounding those concerns is the possibility of that debt being passed on to children and spouses, rather than leaving them an actual inheritance.
Die as quickly & cheaply as possible once my ability to work has ended & ask to be thrown into a ditch so the only bills I leave are my student debt & a littering fee for my corpse. Look into disowning my family so they aren’t responsible for my debt. #millennialretirementplans
— RevScarecrow (@Rev_Scarecrow) September 17, 2019
But at least a few are holding onto hope that they’ll pay off that debt in time to start saving.
Yayy done paying student loans now i have 1 whole year to save for retirement 👏🏼👏🏼👏🏼#MillennialRetirementPlans
— jesica lopez (@lopezjesicaal) September 18, 2019
While others have lost hope altogether.
My retirement plan comes in the form of a cyanide pill.
— Enojado (@Enojadoland) September 19, 2019
Some are pointing a finger at older generations.
Fix problems started by the Baby Boomers #MillennialRetirementPlans
— Lemon Tart (@LouiseLemonTart) September 17, 2019
Some are relying on them.
Hope the parents planned for my retirement too.
— Diane’s Casper (@AccountDiane) September 17, 2019
Or their own children.
— Leah Williams Fitch (@fitch_williams) September 17, 2019
Pessimism aside, at least they’re talking about retirement.
I see that #millennialretirementplans is trending. That’s good.
The sooner you plan your retirement, the ₿etter.
— The Crypto Dog📈 (@TheCryptoDog) September 17, 2019
The question is, are you joining the conversation?
If advisors can take anything away from #MillennialRetirementPlans, it’s that the need for education about retirement is at an all-time high. Thanks to the still trending hashtag, advisors can easily connect with the Millennial market to offer that education. As you might have noticed from the tone of these tweets, this is not exactly a consumer base who would feel comfortable spending money on the services of a financial advisor. However, a little coaxing might eventually convince them otherwise.
Leverage this opportunity by attaching the #MillennialRetirementPlans hashtag to posts that offer free whitepapers or e-books, podcasts, or brief videos that cover the advantages of budgeting early for retirement. These are all popular forms of media within this target market and will likely draw more attention than a simple link to an article. A more direct method of engagement would be to personally respond to some of these tweets. Twitter’s search engine features an option that only shows results from users near your location. This is a great way to target potential prospects.
When crafting your content and social media posts, address the tangible aspects of a savings strategy. Many of these consumers genuinely don’t believe that their budget will allow them to set anything aside for later in life. Throwing a sheet of infographics and hypothetical situations won’t help ease those concerns. Instead, take a commonsense approach by getting to know their situation and offering solutions that are within their reach.
With any luck, you’ll turn an outlook as bleak as this:
Most of us will die early from the lack of a universal health care system. The rest of us will never be able to retire from working our multiple jobs to pay off our massive student debt in an economy where wages have not kept up with inflation. #MillennialRetirementPlans
— Michelle Guido (@heyyguido) September 17, 2019
#MillennialRetirementPlans to have enough money to have a retirement
— 🎀𝑀𝓊𝓃𝒶🎀 (@MunaNawabit1) September 17, 2019