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Survey Shows Millennials Are Better Savers Than Their Elders

[Friday, February 16th, 2018]

Young people often get a bad rap for being financially irresponsible, but in the case of today’s Millennials, it may be undeserved. A recent survey from Discover card shows that the younger generation is actually doing a much better job saving money than their parents’ generation.

Eighty-one percent of Millennials said they are putting away money in some way, compared to only 74% of Generation Xers and 77% of Baby Boomers. And 35% of Millennials actually reported saving more money in 2017 than in 2016, compared to 25% of Generation Xers and 22% of Baby Boomers.

When asked what helped them sock away more savings in 2017 than the previous year, 40% of the Millennials who had saved more chalked it up to learning how to build a budget, while 26% said they cut out unnecessary expenses. In comparison, the Generation Xers who managed to save more money were more likely to say it was due to getting a raise at work.

Motivation to save

What made Millennials want to save money? Survey respondents said that having a specific goal in mind, such as going on a vacation or getting their car repaired, was a good motivator to put funds aside for savings. Sixty-seven percent of Millennials said they prefer to save for specific things, while only 56% of Gen X respondents said the same, and only 49% of Baby Boomers.

When it came to how they save money, Millennials were more likely to take public transportation, bike, or carpool to cut costs, while Gen Xers preferred to use coupons, and Baby Boomers said they cook at home rather than going out to a restaurant. Other ways of saving included cancelling subscriptions to cable TV, Internet, and Netflix, installing more efficient light bulbs and showerheads to cut utility expenses, and cancelling gym memberships.

Another great way to save money is by transferring high-interest credit card balances to no-interest balance transfer credit cards. These cards offer an introductory promotional period with a zero-interest APR for balance transfers, allowing folks to pay down their credit card debt faster and pay less interest on the total balance.

The Discover Card survey was conducted online and included responses from 2,025 people ages 18 and older.

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