Millennials are not saving at all, let alone saving enough for retirement. They have been turned off to saving by the materialism of their elders’ cultural values. Millennials cannot be sufficiently motivated to think about retirement. Reports and surveys about Millennials and their interest in planning for their financial future are plentiful. Most finish with conclusions similar to those above.
Anyone Can Save
However, the NAPA Net Staff (The National Association of Plan Advisors) recently noted a Fidelity Investments report showing that some Millennial savers are setting records for retirement saving. How can Millennials involved in Christian ministry, faith-based non-profits, and world missions be motivated to include preparing for retirement in a life devoted to serving others?
Encouraging Your Employees Early
A survey from OneAmerica indicated that an employer simply offering employee retirement benefits is insufficient. More than 10,000 individuals completed the survey between August 2015 and February 2016, and two important facts proceed from it. Retirement plan participation increases with “active promotion” by the employer, and employer promotion is most effective at spurring those younger than 35 to participate. “The older participants get, the less effective workplace promotion of retirement benefits is,” according to Marsha Whitehead, VP of retirement services marketing for OneAmerica.
For Christian congregations, colleges and universities, missions, and non-profit organizations, these studies are conclusive. A ministry must be actively involved in helping team members, particularly Millennials, begin now preparing for retirement.
Planning is Good Stewardship
Making such a commitment to team members shows concern for their overall welfare. It is also good stewardship of ministry funds, because retention of team members with retirement benefits is normally significantly higher than those without. Plans come in many varieties. The Christian Churches Pension Plan is simple and affordable for a ministry, providing a solid, steady benefit for retirement. It is stewardship for the future of the ministry and the team member!