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YOU ARE CORRECT
A. – Early career (ages 25-34)
While there is concern across all borrower age cohorts, Millennial 401(k) participants ages 25-34 report the most concern that they cannot pay back their loans at all if they lose their job (69 percent vs. 54 percent for ages 35-44; 49 percent for ages 45-54; 28 percent for ages 55-64; and 44 percent for ages 65-plus).
Other cohorts that were particularly concerned about repayment are those with lower household income and lower 401(k) balances. Not surprisingly, the most financially vulnerable borrowers, with the least financial means, are the most concerned about repayment following job loss.
This finding was one of many interesting participant views in the study, entitled “Missing Voices: What 401(k) Borrowers Can Add to the Loan Program Conversation.” To read the full report click here.
INCORRECT – The correct answer is A. – Early career (ages 25-34)
While there is concern across all borrower age cohorts, Millennial 401(k) participants ages 25-34 report the most concern that they cannot pay back their loans at all if they lose their job (69 percent vs. 54 percent for ages 35-44; 49 percent for ages 45-54; 28 percent for ages 55-64; and 44 percent for ages 65-plus).
Other cohorts that were particularly concerned about repayment are those with lower household income and lower 401(k) balances. Not surprisingly, the most financially vulnerable borrowers, with the least financial means, are the most concerned about repayment following job loss.
This finding was one of many interesting participant views in the study, entitled “Missing Voices: What 401(k) Borrowers Can Add to the Loan Program Conversation.” To read the full report click here.
