Sponsored by

Why millennials are more financially aware than you think, in 7 charts

This feature was produced in collaboration between Vox Creative and Chase. Vox Media editorial staff was not involved in the creation or production of this content.

Money can be difficult to talk about, and many financial issues are complicated to tackle. That's why Chase and Vox Creative created the Five Essentials series, found here and distributed through the Vox Media Network, to explore financial fitness issues that are relevant to you. We're breaking down what's really essential to know about a topic.

Millennials tend to have a bad reputation when it comes to money. But despite high student loan debt and an uncooperative job market, the statistics show that they're doing a decent job with their finances. They're saving earlier for retirement than their predecessors and spending money more wisely. Here's a look at how millennials don't get the credit they deserve:

1.

Millennials save for retirement earlier than previous generations



Millennials start saving for retirement at the age of 23. That's seven years earlier than Generation X and 17 years ahead of baby boomers. "Millennials facing an uncertain future are starting to prepare more financially for their long-term goals," says Peter Wall, chief market strategist for Chase Private Client.

Source: Chase Generational Money Talks Study

2.

And even though they earn less money than older generations, they're saving more.


Three in five millennials surveyed by Bankrate.com are saving more than five percent of their income. Less than half of those 30 and over save the same amount. And there's a smaller proportion of millennials saving nothing at all than there is of older generations.

Sources: Bankrate.com Financial Security Index survey; more complete chart

3.

Millennials are also less likely to dip into their retirement savings



Despite being a generation known for living paycheck-to-paycheck and wrestling with student loan debt, millennials are better at keeping their retirement savings saved. They don't withdraw from their 401(k), IRA, or similar retirement plan as much as other generations.

Source: 15th Annual Transamerica Retirement Survey, Transamerica Center for Retirement Studies

4.

They're the most confident generation in confronting complex financial matters



Whether they're tackling investments or saving enough for a down payment, millennials are self-assured in their capabilities to handle big money issues. "They're realizing that there's a lot of information out there and they're able to get that information from multiple different sources," says Josh Palmer, head of the wealth advisory team for Chase Wealth Management. "I think that that social networking that millennials are so good at allows them to be more free in their conversations about money."

Source: Chase Generational Money Talks Study

5.

They're diligent with their money, and when they do spend they spend on meaningful experiences.



With more debt and less disposable income than older generations, millennials will say no to spending money when they can't afford it. A survey by GOBankingRates found that one in three millennials won't spend money with friends when their own budget is tight. And when they do pull out the wallet, they'd rather spend on experiences than on things, according to a Harris poll.

Source: 3 in 5 Millennials Say ‘FOMO’ Isn’t an Excuse for Reckless Spending, Survey Finds; Eventbrite and Harris Poll Find Baby Boomers Share the "Live More" Mentality With Millennials</

6.

They budget wisely and make a solid effort to stick to it.



Millennials are better than Baby Boomers and Gen Xers at keeping track of their expenses while making an effort to stick to their spending and saving plan. The No. 1 thing millennials save? An emergency fund.

Source: Chase Generational Money Talks Study

7.

Millennials don't like to spend money as much as their predecessors



The Chase Generational Money Talks Survey asked respondents of all generations how they fare in terms of spending money on a scale from 1 to 10, 1 being they don't like spending at all and 10 being they have trouble controlling their spending habits. Millennials turned out to be tighter with their money than their predecessors.

Source: Chase Generational Money Talks Study

Read more from our sponsor

What gets Millennials and Boomers talking?

Money matters more than birds and bees, new Chase research shows

Chase Consumer Bank

Your Financial Questions, Answered

Savings goals span across all circumstances. Whether you're preparing to send your teen to college, getting ready for your own retirement or simply just trying to figure out where, and how, to start saving, like the people featured in the video above, you'll likely have some questions.

Chase Consumer Bank

What to Expect from Your First Meeting with a Financial Advisor

Whether you're a member of the Sandwich Generation planning for retirement or a millennial looking for ways to invest once your college loans are paid off, you may be unsure what to expect from a financial advisor.

Chase Consumer Bank

Leaving a Legacy For The Next Generation

When it comes to deciding how, when and with whom to share your wealth, careful planning is essential for a smooth and successful transfer of assets.

Chase Consumer Bank

College Savings Challenge: Parents, Friends, Grandparents Pitch In

Find out how families across America are saving for a college education.

Chase Consumer Bank

This feature was produced in collaboration between Vox Creative and Chase. Vox Media editorial staff was not involved in the creation or production of this content.


More from Chase Newsroom

Feature

How Americans save for retirement, and how it's changed

Money can be difficult to talk about, and many financial issues are complicated to tackle. That's why Chase and Vox Creative created the Five Essentials series, found here and...

Feature

The 5 essential rules for talking about money

Money can be difficult to talk about, and many financial issues are complicated to tackle. That's why Chase and Vox Creative created the Five Essentials series, found here and...

Feature

How the housing market has recovered, in 6 charts

The truth is that money can be difficult to talk about and many financial issues are complicated to tackle. That's why Chase and Vox Creative created the Five Essentials series, found...

Feature

How technology is changing the way we buy houses