Say what you will about Millennials, according to a 2014 report from the Transamerica Center for Retirement Studies, they are an “emerging generation of super savers.” The report found that many 20-somethings are already preparing for their retirement and are concerned about their financial future. Maybe they can show a thing or two to the many generation Xers who are having trouble building wealth, or the baby boomers who find themselves just entering their golden years and discovering they haven’t saved enough.
Here are 10 ways Millennials are making more than anyone on retirement.
They Live Like They’re Broke
Many Millennials live like they’re broke, and that’s probably due to the fact that so many of them are. The point is, this generation is a frugal bunch. According to The Principal Financial Group, 2/3 of Millennials already have a set monthly budget that they adhere to. Many rent apartments with two or three others to cut expenses, take public transit instead of having car payments, and buy thrift instead of brand new clothes.