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Report – Millennials Are Saving More Than Their Parents – Are You Saving Enough?

May 24, 2022

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.

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