We financial millennials have the punchline for Boomers for way too long. But, guess what? When it comes to saving money? We’re on fire.
According to a study by Charles Schwab, millennials save significantly more for retirement than Baby Boomers. Unlike their parents, this younger generation has started saving money as early as their mid-20s. In addition, millennials ranked higher than Generation X-ers on the Retirement Preparedness Scale largely due to an increase in their savings rate from 7.5% to 9.7% in the past two years.
Their 401(k) balances are also higher than those of Gen Xers, according to a report released last year by Pew Research Center.