Retirement may seem far off given most Millennials (those aged 25 to 40) likely have three decades to prepare for it, but we hold fast to the maxim the earlier the better when it comes to saving and budgeting strategies.
We were pleased to read in the 2020 update of Bank of America’s Better Money Habits report that Millennials improved on already-strong financial decision-making. The study, which is based on a survey of nearly 2,000 respondents and is available here, showed that nearly three quarters of Millennials are saving for retirement, with 59% having squirreled away more than $15,000 and a quarter amassing more than $1o0,000. The group also started saving earlier, at 24 years of age on average, compared with 30 years of age for Generation X (those born between 1965 and 1980) and 33 years of age for Baby Boomers (those born between 1946 and 1964). A great start, no doubt.