A new study from ESCA shows that millennials working at employee-owned companies are far better prepared for retirement than other working people of their age.
According to the survey, two-thirds of the ESOP millennials expect to retire at or before age 65, twice the number at non-ESOP companies. Some 56% of millennial workers at ESOP companies had at least six months’ salary saved for retirement, while 66% of millennials at non-ESOP companies had no savings at all..
Millennial employee-owners also reported feeling more positive about their jobs. About 80% reported having a personal stake in the company’s success and 72% said they saw opportunities for their own growth in the business, compared to 41% and 50% respectively for their peers in other businesses.
The survey was conducted in July and August 2019 by John Zogby Strategies. It surveyed 402 non-ESOP and 203 ESOP millennial and Gen Z employees. For full results, click here.