Move Over, 401(k)s: This New Perk Helps Millenials Pay Off College Loans
Employers seeking talent offer to help workers free themselves from educational debt.
April 18, 2016
Excited to be back at his alma mater, the University of New Hampshire, Ed Farrington flashed bright-colored pie charts and graphs before a group of business students in what he considered a forceful presentation about the need for them to start saving early for retirement.
An executive vice president at the investment company Natixis Global Asset Management, Farrington was surprised to find his audience of millennials unmoved.
Then a student approached him at a reception afterward and told him why he and his classmates are largely indifferent to employee benefits such as 401(k) contributions: They have so much student loan debt to pay off, it will be years before most of them can even think about retirement savings.
“That stopped me in my tracks,” Farrington says.
This story was written by Luba Ostashevsky and produced by The Hechinger Report, a nonprofit, independent news organization focused on inequality and innovation in education.