Yes, millennials save for retirement too.
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Yes, millennials save for retirement too.
Millennials are called a lot of things: entitled, whiny, selfish, lazy. Good with their money? Not so much.
But according to a recent study by Fidelity Investments, millennials are in fair shape when it comes to saving for retirement. The survey claims that they are saving an average of 7.5 percent of their salaries for retirement.
It should be noted that the survey categorizes millennials as people age 25-34, which cuts out the 18-24 group that is often referred to as millennials as well.
This is by no means a complete picture of how millennials are doing economically. When it comes to savings, about 51 percent of millennials have less than $1,000 in their savings account. They also don’t really invest in stock. A BankRate survey claims that 26 percent of people under 30 own stock.
And of course, they are drowning in student debt. Federal Reserve numbers show that the total student debt in America is at about $1.3 trillion dollars, with 40 million Americans carrying that debt. A study conducted by Harvard shows that 42% of people age 18 to 29 in America have student loan debt.
It might take millennials a while to pay off those loans, but at the very least, they’re in good shape for retirement…in a few decades.
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