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 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 “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.


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I am a digital content creator and have worked in the digital space for more than ten years. "Robinrazzi" is a nickname given from a former colleague because I'm known for having a camera in hand at all times. I have traveled the world covering entertainment events, celebrities and anything trending. I earned my BA in Communications from Penn State and a MS in Marketing from Johns Hopkins University. I currently serve as Director of Digital Content for WHUR and the Howard University Radio Network.

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