Millennials Are Money Savvy Than Past Generations

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Millennials may still have a way to go before totally gaining their footing as adults, but many are already better at one thing than past generations: saving money. That’s one of the findings of Fidelity Investments’ intriguing second biennial “Millennial Money Study.” (See Chart Below)

Yes, 47 percent of those surveyed confessed that their parents have helped them cover expenses since being on their own — and that includes everything from cell phones (21 percent) to clothing (16 percent) to rent/mortgages (12 percent). But most have apparently used that cushion to help start socking bucks away.How much bucks? Well, not only do 62 percent have an investment account, but — are you ready? — 59 percent have a fatter emergency fund, totaling an average of $9,100, than both Gen-Xers or Baby Boomers.

Categories:   Financial

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