New Survey: Gen Z/Millennials in ESOPs More Confident About Retirement
A new report by John Zogby Strategies conducted for the Employee-Owned S Corporations of America (ESCA) provides evidence of the positive impact of ESOPs on younger workers (ages 22 to 40). It comports strongly with research conducted by the NCEO with large sample of younger workers (see Employee Ownership and Economic Well-Being).
The Zogby report is based on a nationwide survey conducted online of 402 non-ESOP Gen Z/Millennials and a second survey conducted online of 203 ESOP Gen Z/Millennials from employees at ESCA member companies. They find 59% of Gen Z/Millennials in ESCA's member companies expect to retire sometime between the ages of 55 to 65, compared to just 33% of these younger workers who do not have an ESOP. Moreover, 56% of these younger workers in ESCA's member companies had at least six months' salary saved for retirement, compared to 26% in the comparison group. In addition, 81% of younger workers in the ESOP companies strongly feel they “have a personal stake in the company’s success," compared to 41% among this age group not in an ESOP.