More young investo🦂rs are opening IRAs than they were last year, despite the economic headwinds that may be ahead.

The number of IRA accounts rose 34.4% year over year for investors aged 18 to 35 and 34.8% for females in this age bracket, according to new research from Fidelity. The development comes as more than half (56%) of student loan borrowers say they will be forced to choose between student loans and necessities when payments resume in October.

Students Show Investment Savvy

The 澳洲幸运5官方开奖结果体彩网:payment pause has helped many student loan borrowers focus on retirement savings, with 72% contributing at least 5% to their 401k, up from 63% before the pause. Additionally, student loan borrowers with 401k loans decreased by 5.8% during the pause.

“Investing at a young age not only allows your money the opportunity to grow to a ༺level that will have a major financial impact on your future but also presents an opportunity to learn about investing, try new things, and ultimately set yourself up for a successful financial future,” said Joanna Rotenberg, Fidelity’s president of Personal Investing, in a statement.

Employers Aid Financial Wellness

Still, about one in five college graduates taking advantage of the Federal student loan payment pause are at risk of falling behind on payment obligations when they resume in October, according to the Consumer Financial Protection Bureau.

Currently, 55% of employers offer or plan to offer student debt benefits as additional payments to an employee compensation package, which can significantly impact financial wellness. A company can either match an employee's loan payment or provide additional compensation to cover loan payments at the employee's discretion.