Report: Millennials Saving More For Retirement
LOS ANGELES (CBSLA.com) — Millennials might have a reputation for living in the moment, but a new report bucks that stereotype.
Nearly 30 percent of millennial workers (18-36) increased their retirement savings contributions this year compared to last year, the highest of any age group, according to a new Bankrate.com report.
Millennials are contributing more to their retirement accounts than Gen X, Baby Boomers and the Silent Generation.
Overall, 23 percent of working Americans increased their retirement savings contributions over the past year, the highest reading in six years of polling.
"Working Americans are increasing their retirement savings more and more as the economic recovery continues, whether by saving the same percentage of higher earnings or a higher percentage of the same earnings," said Bankrate.com's chief financial analyst Greg McBride, CFA.