Despite anecdotal evidence about “those darn Millennials” being all uneducated and stuff about Important Grownup Things like money and professional attire and pensions, younger workers are more savvy than the world gives them credit for.
One new survey from Towers Watson says that two-thirds of workers under 40 say that their pension plan is a key factor in deciding whether they will stay with their current company, where only 1/4 of workers say the same if they have just a defined contribution plan, or 401(k).
Union Pacific says that its college recruits are asking questions about the company’s pension. “There are so many kids…who are focused on savings,” assistant vice president of compensation and benefits Ed Willis told Workforce.
Of course, pensions are quickly going the way of the dodo: only 17 companies on the Fortune 100 sponsored pensions in 2010 compared with 89 in 1985, while 58 Fortune 100 companies now offer 401(k) style plans, up from 10 in 1985.