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Millennials Save for Experiences, Not for Retirement
Millennials are putting significantly more money into savings than prior generations — but unlike the Baby Boomers and Gen Xers before them, Millennials aren’t saving for retirement.
More than a third of millennials put more than 20% of their salary toward savings goals. That’s significantly more than older generations, according to the latest Merrill Edge® Report.
These young savers also give a different reason for saving than past generations— 63% percent say they are looking to achieve enough savings or income to live their desired lifestyle. In comparison, more than half of Generation Xers and Baby Boomers say they are saving money to be able to leave the workforce.
Millennials have also added things like “working their dream job,” and “traveling the world” to their list of life priorities. Less than half of Millennials put “being married” or “being a parent” on their life priorities list — a big change from prior generations.
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