Study: Millennials are saving more than past generations

Study: Millennials are saving more than past generations

CAPE GIRARDEAU, MO (KFVS) - Words like lazy, entitled and even delusional are some adjectives commonly associated with millennials, but researchers found debt-free could be another term added to that list.

It's hard to believe, but half of all Americans have more debt than savings.

"I think it's really important to watch how much debt you get," student Amy McCulley said.

A new study finds millennials, adults in their 20s to mid-30s, actually have more money put aside than they owe.

"Students in this economic climate are some of the most economically vulnerable people out there and debt makes you vulnerable," student Patrick O'Driscoll

O'Driscoll said in today's world young people have no choice but to find a way how to make it.

"There's this trend of millennials saving money and I think it's out of necessity if anything," he said.

So, what can we learn from millennials about money?

  • Credit management - Researchers found young people prefer to have only one or no credit card at all, making it unlikely to spend money they don't have.
  • Pay more money into retirement - Young people have realized the earlier and more money you put into retirement, the better chances you have to retire at a younger age.
  • Learn from their family members' mistakes - Many students we talked to said after seeing their family members struggle through debt, it's something they never wanted to deal with.

Southeast student Monica Smith agreed.

"It makes me not want to be in debt," Smith said. "My mom tries a lot and then with me going to a private catholic school just so I can you know do good in my life."

If millennials continue saving at this rate, researchers estimate there could be a change in the amount of Americans in debt for the first time in five years.

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