Constant reminders are necessary for every generation to remain disciplined to a plan. Emotional financial decisions are seldom the most prudent. The Wall Street bullies need you to move your money at every crisis. You must remain disciplined and do not empower the Wall Street bullies.

Gen Y has a very short-term view, so sponsors should focus communication efforts on short-term benefits. Even though it may be true investing today will result in $1 million at age 65, Gen Y employees are not sure they are going to work for their current employers for many years. Torabi said sponsors should relay to Gen Y that even though it may not be their final stop, they are building a career and establishing roots and relationships. They can also start building retirement that they can take with them. She added that sponsors should tell the younger workforce that if they do it now, they will be years ahead of peers. “If you tell them they’ll be $50,000 ahead of their best friend, that will get their attention,” she said.Gen Y is used to being rewarded, so retirement plan education should focus on the incentives, such as the company match contribution, according to Torabi. Companies can also offer breakfast or lunch during education meetings. “A free meal goes a long way when you’re young and struggling to pay bills,” she said.

Generation Y needs instant gratification so saving for retirement is a challenge. This will require constant contact with the participants. Employers need ways to attract and retain top talent and providing advice is very important.

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