Survey: Millennials focus on debt over retirement savings

05/23/2013 | OnWallStreet.com

Young Americans are more focused on paying off debt than they are on saving for retirement, and that can be a mistake, experts say. Those ages 22 to 32 can miss the chance to ride out market fluctuations if they don't invest early, says Karen Wimbish of Wells Fargo. A survey by Wells Fargo shows that 87% of millennials say they have too little money to save. "That's concerning," Wimbish says, "because this generation, more so than any other before them, is going to be primarily if not solely responsible for whatever their retirement looks like."

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