Millennials only know about having fun and over-spending. Right. Or maybe not. A recent Bankrate study finds that, among all age groups in the U.S., millennials are actually the most comfortable with their savings, debt, net worth and overall financial health. While only half of adults older than 30 put more than 5% of their annual income into the savings account, about 60% of millennials are doing so. Barnkrate staffer Donna Fuscaldo dives into the report and explains why millennials are showing signs of financial prudence. Fuscaldo writes,
Their (millennials') coming-of-age has left them scarred. A recent report from the Global Financial Literacy Excellence Center at the George Washington University said 54% of millennials are concerned about their ability to repay their student loans, and nearly half don't think they could come up with $2,000 for an emergency.
"Millennials have a greater inclination toward saving, for both emergencies and retirement, than we've seen from previous generations," says Bankrate Chief Financial Analyst Greg McBride, CFA. "Much of this is attributable to the financial crisis and Great Recession coming during the financially formative years for many millennials."
Kind of like the depression did for their ancestors?