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Millennials Saving Money: Survey Says Young Most At Ease With Finances

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By    |   Wednesday, 30 Mar 2016 08:34 AM

Millennials are saving more money and are the age group most at ease with their financial situation, according to a new survey.

Bankrate reported on Monday that millennials are the most comfortable with savings, debt, net worth, and overall financial health, even as all Americans are feeling more optimistic today about their finances.

The term "millennial" is often applied to those reaching adulthood in the 21st century — often those born between 1977 and 1994.

"Millennials have a greater inclination toward saving, for both emergencies and retirement, than we've seen from previous generations," Greg McBride, Bankrate's chief financial analyst, said in referring to the company's monthly Financial Security Index survey, which polled 1,000 adults in early March.

"Much of this is attributable to the financial crisis and Great Recession coming during the financially formative years for many millennials," McBride added.

According to MarketWatch, 191 millennial adults on the survey reported saving 6 percent to 10 percent of their income, while 169 of those aged 30 to 49 saved that amount. Only 144 of those aged 50 to 64 saved similar amounts.

"Saving is also more prevalent among the lower earners, who may or may not be millennials," wrote MarketWatch. "The survey revealed that 27 percent of Americans with annual income between $30,000 to $50,000 are putting away more than 10 percent of earnings. That outstrips the 24 percent of American workers earning between $50,000 and $75,000 who are stashing away the same proportion."

Karen Carr of the Society of Grownups, a financial company that focuses on millennials, told The Washington Post that the age group may be saving money as they advance in their careers.

Some may have started saving after moving from part-time jobs to full-time positions, while others find room for saving after earning a promotion or raise.

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Millennials are saving more money and are the age group most at ease with their financial situation, according to a new survey.
millennials, saving, money, bankrate, survey
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2016-34-30
Wednesday, 30 Mar 2016 08:34 AM
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