Are you on the right track to being financially ready for retirement? Millennials, those age 18 to 30, may not be. A recent study by a global investment company says 51% of Millennials prefer less market volatility over higher returns.

Steinbach Financial President Owen Reimer says the three factors when investing or saving are: how much risk are you willing to take, what amount of money you're wanting to save or invest and how much time do you have between now and when you are hoping to retire. Reimer notes the difference between saving and investing is saving is the action of putting money away whereas investing is taking what you have saved and allocating it into something else.

He says he thinks a lack of education when it comes to saving and investing is one of the biggest pitfalls when it comes to Millennials and their ability to invest or invest wisely. Reimer adds Millennials tend to think they have a lot of time.

"They don't understand the value of their time so even if they put a little bit away in the early years and didn't take a lot of risk, that habit of putting money away for a long time builds tremendous value down the road, having that cash there."

Reimer notes risk is measured on a scale of how much you're willing to lose adding there can be a disconnect in knowledge of what's involved in each type of investment and what that loss can look like.

"You need to become educated to know what exactly risk is. What exactly are you investing, how does it work, what are all the benefits and non-benefits to the investments that are out there. Then [you can] make an education decision."

He says it's best to start saving sooner rather than later adding even if Millennials start small the amount of money can snowball over time.

"The other thing that puts it into perspective is how much money you want to put in and if you can build a budget, made a goal of how much money you want to put away each month or year. That can really take away some of that risk. And if you do it for a longer period of time, that compounds."

He encourages Millennials to educate themselves through research, seeking advice from family members who have investment knowledge or find a trustworthy financial advisor.

"I know it's not a fun topic to talk about but sometimes there are some interesting courses you can take on the side to educate yourself on investing. The key thing, I think, is educating yourself on what's all out there, how does it work and what fits for me."