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Millennials Choose To Spend Money On Travel, Dining, And Fitness Than Save For Retirement: Survey
zerohedge.com / by Nicholas Colas of Convergex / May 28, 2017 6:45 PM
Millennials save more of their income than older generations. Don’t believe it? Look at a recent survey by Merrill Edge, which found millennials say they save 36% more than their general population counterparts report as over a third stash away more than 20% of their salary per year.
As for what they’re saving for, that’s another story. Whereas baby boomers save for retirement, millennials want financial freedom and save for a desired lifestyle rather than exiting the workforce. Millennials would rather spend money on travel, dining, and fitness than save for their financial future. They are also more focused on certain milestones like landing their dream job or traveling the world, and are less worried about getting married or having kids. Bottom line, millennials are saving, just for shorter-term goals as compared to their parents.
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