Retirement Contributions Required By Law May Come to US...From Down Under

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Retirement Contributions Required By Law May Come to US...From Down Under

Dec, 3rd 2016

Mandatory saving is likely in the future for U.S. workers and employers. This approach helped turn around a retirement savings crisis in Australia, and it is an increasingly common part of proposed solutions in the U.S.

California and other states are taking a step in that direction by requiring businesses to offer retirement accounts to workers.

Now, millennials—members of a heavily indebted generation that began saving early but has made little progress—seem to embrace the concept. Nearly seven in 10 young adults say they believe individuals should be required to save in retirement accounts, according to a survey from Natixis Global Asset Management.

Millennials are the most likely generation by far to feel this way. Little more than half of boomers favor mandatory individual savings. Millennials also are the most...

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