For Old-Fashioned Money Values, Look to the Millennials

Millennials catch a lot of grief for their “selfies and social media” lifestyle tendencies, but in some ways they embody the frugal values of long-ago generations.

For one thing, millennials tend to be more debt-shy than Boomers. They came of age during the Great Recession era of scarce jobs and tight budgets, and they were forced to rack up tens of thousands in debt just to get an education.

In many ways, this generation has more in common with their forebears in the 1930s than with any generation since.

Case in point: Bankrate recently found that Millennials are saving more money than any other age group.

At a time when millions of Baby Boomers are reaching retirement age with little or no savings, 62% of Millennials say they are saving more than 5% of their incomes. That’s up from 42% last year.

An impressive 29% of Millennials say they are saving more than 10% of their incomes, up from 22% last year.

These are encouraging findings indeed, suggesting that this generation is starting young with habits that will serve them well in later life.

Maybe this frugal young generation deserves a bit more respect.

Copyright Today’s Credit Unions