Many millennials don't want to hear about retirement. Yet they are the generation most at risk when it comes to securing an income for the later part of their lives, says Viresh Maharaj, the CEO of client solutions at Sanlam Employee Benefits. You are a millennial if you were born between 1981 and 1996 - or are aged between 22 and 37 this year. Generalising about an entire generation will always be problematic, but if you recognise these traits in yourself or a millennial close to you, take note. Despite mostly being highly educated, millennials are often not financially savvy and many - according to the statistics in Sanlam's Benchmark retirement fund survey, released this week - have squandered what they have saved for retirement while changing jobs. Maharaj says the average value of millennials' savings in the Sanlam Umbrella Fund - one of the largest umbrella funds in the country - is less than R42000. Even the oldest members of the generation have less than R90000 in the fund. ...

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