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(retirement, cont.) A basic lack of knowledge also hinders many young professionals, including Kyle Augustine, a 25-year-old Green Bay resident. “I never get information about setting up a retirement account, and neither does anyone I know. It’s just not something we think about, it’s too far ahead,” Augustine says. Yet despite this obvious need for knowledge, financial firms do not market to this generation. “It’s a matter of economics. If we attract someone who can invest $5,000, it still costs the same for us to spend the time [on that account] as it would on a larger investment,” Karr says. “Our audience that we typically market to is more affluent, but we certainly welcome any new clients.” This explanation is normal among financial firms; after all, they are businesses. To be cost effective, financial institutions use magazines and websites that are easily accessible and inexpensive, but leave only a few non-profit organizations to inform the public. Organizations like the non-profit EBRI are working to educate the nation. “Public service announcements are now being shown nationally in collaboration with the National Association of Broadcasters. We’re obviously trying to reach as many folks as we can, but we have budget constraints,” explains Steve Blakely, editor and communications director for EBRI. Unfortunately, efforts to educate young professionals on the importance of investing in retirement still go unnoticed, largely because of the bling-bling in the way. These new workers are living in the moment, and right now, they have money and want to show it. “It’s a matter of societal expectations,” Karr says. “We are a consumer nation, without a doubt. You have to have the discipline.” Those who have taken disciplined steps toward creating a retirement account are ahead of the majority. According to the Teachers Insurance and Annuity Association and College Retirement Equities Fund (TIAA-CREF), less than 25 percent of workers ages 25 to 34 are “giving a lot of thought to financial needs in retirement.” For those not in this 25 percent, stop being lazy, find a funds manager, and start making your future self rich.
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