More Millennials Are Saving Money, Here’s Why
By, Jen Nicole
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If your a millennial like me then you can relate to this story, or maybe not, either way a recent study is showing that us millennials are making a whole lot less money than the former baby boomer generation, but are saving more!
A survey conducted called “Saving A Generation” found that for millennials fashion isn’t all that important, to the extent that nearly 90 percent of the millennials surveyed said they would rather save $50 than use that money to buy a pair of jeans!
Well, I can agree with that.
“Studies show that 60 percent of millennials put away at least 5 percent of their paychecks, while only around half of adults aged 30 years or older do the same.The top reasons millennials save is for an emergency fund, buying a house, and for a vacation,” according to authors behind the “Saving A Generation” report.
Speaking of vacation, something I live for by the way LOL, according to the survey, 2 out of 5 millennials would spend $200 on a weekend getaway rather than put that money aside for saving. They rather spend money on a unique travel experience than on say a new device.
I am guessing that is because weekend getaways are where you make great memories, right? Yes, of course!
“Millennials often shy away from traditional travel experiences, like going on a cruise or visiting the beach, in favor of customized travel influenced by sources like social media. And even when millennials travel, the uniqueness of their experiences trumps the popularity of the destinations,” noted the study.
Umm, I love visiting the beach and if someone is paying for me to attend a cruise then I am down!
So what are us millennials saving for?
More than 12 percent of us are looking to buy a house or rent an apartment. Yes we are buying homes at a slower rate than previous generations, but we are saving for that purpose. We are also stashing away money for emergencies.
So, millennials, yeah we make the least amount of money, but we are the more likely to save, while those who made the most saved the least.
“Millennials making less than $15,000 are more likely to save,” repeated the survey.
“Respondents whose annual salaries were between $76,000 and $100,000 a year were more inclined to save – around 70 percent of these well-off millennials acknowledged putting their money into some form of savings.”
So if you are a millennial too, do you feel like this survey represents your saving habits? Let us know your thoughts below.