Millennials Are Indeed Saving for the Future

Millennials Are Indeed Saving for the Future

October 31, 2018         Written By Lynn Oldshue

Millennials are often considered the “need it now” generation. But despite a reputation for impatience, this group of 20- and 30-somethings is surprisingly focused on the future.

According to a new study from Fidelity Investments, 66% of Millennials say saving for the future is just as gratifying as spending money now. More than half of Millennials are working to balance their current spending and future savings equally (57%).

The most popular financial priorities for Millennials are essential living expenses (38%), emergency funding (34%) and retirement funding (33%). A separate study from Ally Financial revealed that 66% of Millennials considered the stock market intimidating, and only 23% plan to use investments for retirement. However, 59% of respondents worried there would not be enough Social Security funding when they retire, yet most plan to use that in the future.

Even though Millennials are looking toward the future, 86% admitted to treating themselves at least once a month. These “treats” cost an average of $110 each month.

Fidelity found social media plays a role in Millennials’ financial decisions, with 63% of respondents saying social media negatively impacted their financial well-being. In addition, 62% did not know how their friends and family members afforded the lifestyle they portray.

The information contained within this article was accurate as of October 31, 2018. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time