Older generations have lost the right to criticize youths about fiscal responsibility, because apparently Millennials are actually better at saving money than any other age group.
According to PR Newswire, a new study conducted by Bankrate.com revealed 62 percent of Millennials are saving more than 5 percent of their incomes, compared to 42 percent of Millennials who reported saving this much in 2015.
The study also learned 29 percent of Millennials are saving more than 10 percent of their incomes, an increase of 7 percent from last year.
When it came to adults ages 30 and older, 50 percent reported saving more than 5 percent of their incomes.
Bankrate.com Chief Financial Analyst Greg McBride said,
The good news is that many working Americans, Millennials in particular, are saving, and saving more than last year. The bad news is that 21 percent of employed Americans claim not to be saving any of their paycheck – nothing for retirement, nothing for emergencies and nothing for other financial goals.
A previous Bankrate study named Millennials the least likely age group to have credit card debt.
Americans are saving slightly more in general, which is very refreshing considering a previous study learned nearly one in four Americans has more credit card debt than emergency savings.
This new study heard reports from 28 percent of Americans who said they are saving more than 10 percent of their incomes, compared to 24 percent who said this last year.
It seems all working Americans have taken on this effort to save more.
In terms of working Americans, 16 percent are saving more than 15 percent of their incomes, a 2 percent growth from 2015. The amount of individuals who save 5 percent or less of their incomes decreased to 21 percent from last year’s 28 percent.
Bankrate also found 27 percent of Americans with an income of $30,000 to $50,000 per year save more than 10 percent of their incomes, compared to 24 percent of households with incomes between $50,000 and $75,000.
However, in general, higher income groups traditionally boast higher savings rates than lower income groups.
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