Millennials save money better than their parents

News Center 23
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POSTED: Thursday, July 18, 2013 - 5:05pm

UPDATED: Friday, July 19, 2013 - 9:18am

If there's anything millennials, or people ages 18-34, took from the downfall of the economy, it was a determination to manage their money, and stay out of debt. Recent studies indicate millennials save at a greater rate than their parents did.

“The millennials see what was wrong in the past and have the intelligence, and the fire to go and fix it.”

Financial experts and millennials attribute their good money-saving habits to learning from their parents' monetary failures.

“Generation Y is coming at an age of a very bad economy and it scared us into saving more. And there’s also more awareness and publicity about it.”

“Our parents…we have seen a lot of true difficulties and for us it’s get a job or something like that, because we are-for our own good.”

“Seeing our parents’ generation struggle with finances and the economy and all the history and everything, that’s kind of making our generation more financially conscious.”

“Being financially aware in a time of economic hardship could help make this significantly fatter.”

That recent deep recession, and slow recovery, are other reasons why many older people haven't been able to save as much as they may have wanted. 

“A lot of the people, especially here in the Valley with the wage rate the way it is, don’t have a lot of excess funding for saving. Their wage rate is such that they need every dollar that they can make just to live day to day.”

Still, it appears a lot of millennials have gotten an early start on securing their financial futures.

Reporting in Brownsville, Marty Watson, KVEO News Center 23.
 

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