58% of Millennials Actively Saving for Retirement, Contrary to Popular Belief

58% of Millennials Actively Saving for Retirement, Contrary to Popular Belief

Millennials get a bad rap - apparently, those of Generation Y don’t know how to save for retirement and are good at wasting money. That’s not true, according to a recent LendEDU study. Their newest Millennial study found 58 percent of Millennials are saving for retirement through an investment account, like a 401(k) or IRA.

Age was the biggest factor impacting how much Millennials were saving for retirement. The older a Millennial is, the more likely they are to have saved more for retirement.

The survey also found 30 percent of Millennials invest through a personal brokerage account outside of their retirement account. Out of those who invested in the stock market, most of their money went to three sectors - financial, technology and healthcare.

Most U.S. Households Facing Retirement Have Low Savings, Finds a Federal Study

Most U.S. Households Facing Retirement Have Low Savings, Finds a Federal Study

More Baby Boomers Say College Debt Keeps Them From Meeting Financial Goals Than any Other Generation

More Baby Boomers Say College Debt Keeps Them From Meeting Financial Goals Than any Other Generation

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