Why are millennials better at saving than their parents?
- Millennials started saving for retirement in their mid-20s, about 10 years earlier than baby boomers, a new Charles Schwab report says.
- But experts still predict that millennials will be less secure in retirement than their parents or grandparents.
- The most common retirement plans today tend to be riskier, with smaller potential payouts.
- Student loans, soaring housing costs, COVID-19, recessions and gig working are some of the other challenges millennials have faced.
Millennials are now the world’s largest adult generation – and they’re worried about saving for retirement.
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Studies suggest this generation – who were born between 1980 and 1994, making them aged between 28 and 42 in 2022 – are more conscientious about saving than their parents.
Why? Here’s a summary of some expert findings.
How are millennials today saving for retirement?
Millennials start saving for retirement in their mid-20s, a new study by investment firm Charles Schwab has found.
This puts them about 10 years ahead of baby boomers – those born between 1946 and 1964, making them aged 58 to 76 now. Baby boomers typically didn’t begin saving for retirement until around their mid-30s, Charles Schwab says.
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