Millennials were the biggest group to sign up for their employer 401(k) program in the first half of 2014, defying stereotypes and presenting new business opportunities for advisors, according to a new retirement planning study.

Bank of America Merrill Lynch found that nearly 40,000 of millennial workers who enrolled in their employer’s 401(k) plans lead the study released this week. The surge represents a 55% increase in millennial first-time contributors from the same period last year, according to the wirehouse’s biannual 401(k) Wellness Scorecard.

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