Although a college education is becoming more of a requirement for employment today, student debt, which is a growing phenomenon, is blunting some of the extra earning power that results from having a degree, the report says.
Changes in policies are needed to insure financial security for millennials, according to the organization.
For instance, the U.S. Treasury Department offers MyRA, a federally backed individual retirement account. The program should be expanded and should include the ability to withdraw the principle invested at any time, without paying a penalty; automatic enrollment; and an option for employers to contribute to their employees’ plans.
“As the new administration and Congress take office this month, we urge them to consider these findings. We need policies that will help millennials build wealth and make sure our generation doesn’t fall further behind,” Allison says.