Millennials Good at Budgeting, But Lack in Retirement Savings, Study Finds
Despite the bad reputation Millennials get when it comes to saving money, the generation is apparently good at budgeting, but need some help in the saving for retirement department. That’s according to a study from Earnest, a lender that offers personal loans and student loan refinancing.
The survey found Millennials are better than the average American at budgeting. 71 percent budget their money as compared to 41 percent of Americans. 68 percent of Millennials can cover an emergency $500 expense without going into debt as compared to 43 percent of Americans. But, when it comes to saving for retirement, more than two-thirds of respondents said they are not saving for retirement yet.