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.
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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:
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
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
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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.