Millennials Are Saving More Than Our Parents
This is all so true! My mom tells me all the time that I have much more saved than she did when she was my age. Now to be fair … I didn’t start a 401k until I was 30, so there is that.
So, some may be surprised to hear that millennials are saving more than their parents, but the data is there to back it up. Charles Schwab recently had a study that showed millennials are saving much more for retirement than Baby Boomers. Millennials are also higher than Gen X on the Retired Preparedness Scale and have higher 401K balances than Gen X according to Pew Research Center. There are some savings habits that millennials do that are helping all of this.
Millennials over save and invest. More and more young people are talking about stocks, annuity companies, 401ks, side hustles, and more.
Millennials set financial goals. Getting a job with a salary we desire, saving part of it each week, or investing part of it each month. We also create budgets, have emergency funds, and pay off debts following a process.
Millennials know how to get deals. A quick Google search to see if there’s discounts available when online shopping or heading straight to the sales or clearance racks when in person.
Millennials understand why they spend. We figure out if an expensive purchase is really worth it or not.
Source: Entrepreneur
