Young Adults Are Finally Starting to Build Their Savings

Millennials are too underemployed and encumbered by student loans to save money ... right?

Maybe not. New data finds that young adults are outstripping older generations in their savings goals — a situation that has mixed implications for America’s future financial security.

A new survey by Bankrate.com found that adults under 30 are really stepping up their game: More than six in 10 said they were saving at least 5 percent of their income, up 20 percentage points from last year. Nearly three in 10 said they were saving more than 10 percent of their income, bringing them nearly on par with the number of people across all age brackets saving more than 10 percent of their income.

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Bankrate also found that millennials were five percentage points more likely than the average among all respondents to say they felt more secure about their jobs today than they did a year ago.

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Among all Americans, 27 percent said they have a higher net worth today than they did a year ago, while 17 percent said their net worth was lower.

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Although these are good signs, the bad news is that many older adults — who have less time to go before retirement — aren’t saving as much as they should: Only half of respondents 30 and older are managing to save at least 5 percent of their income, and nearly a quarter of those between the ages of 30 and 49 aren’t saving a penny.

For Subscribers

FOR SUBSCRIBERSIt’s rarely been harder for people to find new jobs

FOR SUBSCRIBERSCBP leaders cut out of Trump ad buy decision

FOR SUBSCRIBERSAmerican passenger drafted goodbye texts to her family as Flydubai plane plummeted

FOR SUBSCRIBERSCornell rape allegation pushes embattled New York prosecutor into national spotlight

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

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Bankrate chief financial analyst Greg McBride pointed out in a statement that this means not only are these people at risk of financial insecurity in retirement, but even a short-term cash crunch could leave them stranded.

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