You won’t believe who the new savings champs are

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You won’t believe who the new savings champs are!

Editor: Johnathan Meyers | Tactical Investor

new savings champs

Looks like the young whippersnappers can teach a few of us old folks about saving money!

A recent poll of more than 1,000 Americans conducted by Princeton Survey Research Associates International (PSRAI) finds millennials are doing great job-saving money. Millennials are a financially maligned generation. We’ve all heard the wisecracks about them being over-educated and underemployed. And how millennials still live at home in the basement. And how their brains are too addled by social media to make any smart long-term financial decisions.

But maybe it’s time to rethink the bum rap.

The PSRAI research, which was commissioned by BankRate, shows that a full 31% of those age 18 to 26 have between three to five months of living expenses squirrelled away.

As a segment of the population, millennials tend to be debt-averse and more focused on experiences than amassing belongings. Despite persistent misconceptions, they also unintentionally had the idea of saving for a rainy day ingrained by watching their parents struggle during the Great Recession.

As for Generation X, they’re only doing nominally better than their elders. Some 28% of those in their late 30s to mid-50s report they have some savings, but they haven’t managed to save enough to cover three months of living expenses.

Savings is one of those things that you don’t have to do, but not getting the job done means living a very lean lifestyle down the road. And not a lot of people relish that thought, no matter their age! Full Story

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