Millennials Are Saving More For Their Future Than Any Other Group, Study Says

60 percent of Millennials (18-to-36-year-olds) who have cut their spending, did so in order to save more money, according to a Bankrate.com report released Tuesday. It has become a way of life!

Saving beat out other reasons for cutting back like paying off debt, concern about the economy, job security or stagnant incomes. Only 25% of older generations who cut costs cited the same reason.

“The reasons have shifted in the past few years,” said Greg McBride, chief financial analyst for BankRate.com. “But the current top reason for limiting spending is the need to save more money and this was particularly evident among Millennials.”

More than 1,000 people were polled and the study finds that the youngest Millennials — between 18-26 — are placing an even higher priority on saving, with 74% of them setting money aside for the future.

“Study after study has revealed that Millennials do place a higher priority on savings and a lot of that stems from having a front row seat for the financial crisis and, for the older Millennials, they were witness to the dot-com bust, too,” McBride went on to say.

“Now that people are seeing some income growth, people are following through on the promise they made to themselves to save,” McBride said.

@Robinrazzi


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Robin is a digital content creator and has worked in the digital space for nearly ten years. “Robinrazzi” is a nickname given from a former colleague and is a perfect integration of her name and one of her greatest hobbies of having a camera in hand to capture once in a lifetime moments like paparazzi. She has traveled the world covering entertainment, celebrities, events and anything trending. She holds a BA in communications from Penn State and MS in marketing from Johns Hopkins University. She currently serves as Digital Content Manager for WHUR and the Howard University Radio Network.

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