Millennials are often labeled by older generations as being financially irresponsible, but a new study by Fidelity Investments counters that claim.
Brooke Forbes, senior vice president of digital planning and advice with Fidelity, explains that the data show 60 percent of Millennials "are balancing their current and future priorities with a focus on total well-being," rather than leading the You-Only-Live-Once (YOLO) lifestyle often ascribed to this generation. Nearly half, 49 percent, are saving for retirement; 34 percent are building emergency funds, and 56 percent of Millennials say that they balance current financial needs (utility bills, student loan repayment) with future financial needs, CBS News reports.
Indeed, though it wasn't part of this survey, Fidelity reports that Millennials are considerably ahead of where Generation X was at this stage in their lives, at least in terms of saving for retirement. The big Boston-based mutual fund company, which does annual analyses of retirement readiness by looking at subsets of its client base, found that today's 30- to 35-year-olds are saving nearly one-third more for retirement than Gen Xers were at the same ages. The average retirement balance for today's 30- to 35-year olds: $31,100. In 2006 (when Gen X was the same age), it was $23,100