The Millennial generation may be perceived as being entitled, but they still know how to save for the future. According to a recent report by Merrill Edge shows that “mass affluent” Millennials are already saving for their retirement.
I spoke with Sarah Mahoney at MediaPost about this phenomenon:
“Given that many Millennials are delaying their decision to have children and the associated financial responsibility, affluent Millennials have the opportunity to save more and have seen the market improve nicely. Millennials have a strong desire to travel and see the world, and saving enables them to pursue these aspirations.”
Some other tidbits from the story and report include:
- Millennials who grew up in affluent households have already saved an average of $55,000 for retirement.
- On average, Millennials began saving for retirement at age 22 whereas Boomers began saving at age 35.
- 77 percent of Millennials plan to increase their savings in the next year
- 57 percent of Millennials plan to invest in the stock market
Read the full story on MediaPost.com: Careful Kids: Affluent Gen Y Spends Less, Invests More