Academic journal article ABA Banking Journal

When It Comes to Finances, Millennials Want to Save

Academic journal article ABA Banking Journal

When It Comes to Finances, Millennials Want to Save

Article excerpt

Many have made the claims that millennials don't save enough--or even at all. But data suggests that savings is actually a high priority for this generation. In fact, millennials are proving to be far more financially conservative than the Gen Xers or Baby Boomers and a large percentage rank saving money highest on their list of financial priorities. Yet for many millennials, student loan debt is stymieing their ability to save and causing them to delay major life decisions, like buying a house or starting a family.

[ILLUSTRATION OMITTED]

Many millennials are starting their financial lives already encumbered by staggering amounts of student debt. Two-thirds of all millennials--and 80 percent of college-educated millennials--have at least one source of outstanding long-term debt:

$29,400

The average student loan balance

According to a Bank of America/USA Today survey, ability to save was millennials' second-biggest financial concern:

Cost of Living     61%
Ability to save    58%
Cost of Housing    56%
Finding New Job    49%
Taxes              43%
Losing Job         31%

Note: Table made from bar graph.

Millennials are commonly defined as the generation of Americans born between 1980 and 2000. There are more millennials than Baby Boomers, and millennials now account for 44 percent of the workforce--the largest generational cohort. …

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