Despite their reputation for being the #treatyoself generation, studies show that millennials are capable of strong financial discipline.
Millennials started out behind Gen Xers
$72,000: The debt level of the average millennial in 2016 vs. $67,000 for Gen Xers in 2001.
$90,000: The average net worth of millennial households in 2016 vs. $130,000 for Gen Xers in 2001.
But they’re saving
10%: The retirement savings rate of surveyed millennial parents in 2017, double that of boomers.
24: The age millennials started saving for retirement, 11 years earlier than boomers.
39% of millennials put more than 10% of their income toward retirement.
They’re wary of debt
$43,000: Typical mortgage debt among millennials, $6,000 less than Gen Xers at that age.
$1,800: The average millennial credit card debt in 2016, 1/3 less than Gen X in 2001.
They value education
1 in 4 millennials are saving for their own continued education.
68% of millennial parents are saving for their kids’ college.
They’re jumping into the home market in a big way
36%: The share of homes purchased by millennials each year.
30% of millennial homebuyers spent more than $300,000 on a home.
James Thorne is a freelance journalist who has written for CNBC and Reuters, among other publications.
Artwork by Kyle Bean.
Learn how to avoid 5 common money mistakes people make in their 20s and 30s.