Study: Millennials are ahead of their parents in retirement savings

A new study from an investment firm shows the younger generation is putting more cash away in...
A new study from an investment firm shows the younger generation is putting more cash away in their mid-20s.(girubalani garnarajan via canva)
Published: Apr. 27, 2022 at 3:13 PM PDT
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(CNN) - A new study from investment firm Charles Schwab shows the younger generation is already stashing cash away in their mid-20s.

The younger generation also has higher balances in their 401(k)s than Gen Xers did at the same age.

The study says younger people are saving more because they don’t expect to get pension plans.

In 1981, 84% of full-time workers at large companies had pensions; by 2020, that number dropped to 28%.

Researchers found that millennials are worse off in nearly all aspects of their financial well-being.

They graduated into the great recession, dealt with the COVID-19 pandemic and a second recession. They’re also gearing up for what financial analysts predict will be another recession paired with high inflation levels.

But there is one thing millennials are focused on and that is cryptocurrency.

The study found that 25% of millennials plan to invest in digital currencies, compared with about 5% of baby boomers.

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