(WTNH)– When it comes to saving money, Americans aren’t the best. But according to a new study, one generation has become super savers. You may be surprised to hear who is stretching their dollar the best.
“Having had a front row seat for the financial crisis and that coming during their financially formative years has really had an impact on millennials and some of their financial habits, in particular,” said Greg McBride, Chief Financial Analyst, Bankrate.com. “Millennials are much more focused on saving.”
Not only are millennials putting money away, many don’t even want a credit card.
“Found a large percentage of millennials shy away from credit cards all together and those that do, have a greater tendency to want to pay that balance in full every month,” said McBride.
If you want to save like a millennial, pay yourself first. Every paycheck, direct deposit money into a dedicated savings account. And contribute to a 401 (k).
“Americans are woefully under saved on both emergencies as well as retirement. And in a lot of cases, it’s simply because of a lack of prioritization,” said McBride. “Millennials do the savings first, then build their lifestyle around what’s left.”