Legislation overhauling 401(k) rules that President Joe Biden is expected to sign soon will likely prompt many more Americans to open a plan. Encouraging retirement savings and loosening Trump-era restrictions may steer some investment into funds focused on environmental, social and governance issues because younger people value such factors more than older investors do, Bloomberg Intelligence analyst Andrew Silverman said in a note Friday. About 87% of millennials said ESG is important to their investment decisions, according to a 2018 US Trust survey, while only 28% of baby boomers said the same.

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