Gen X Focused on Retirement Saving, Millennials Not So Much
Posted On February 5, 2013
Nearly half of Generation X (46%) cites retirement as a top-10 reason for saving and investing but less than a third of Millennials see it the same way. So says a new survey by LIMRA that assessed the younger generations’ attitudes about saving and investing.
While Xers seem to focus more on their retirement needs as they inch closer to that milestone, Millennials aren’t there yet. They cite travel and vacations ahead of retirement as motivations for saving and are more likely to save up for cars and household purchases than Xers. In addition to retirement, Xers cite home improvements and education as important things to save for, reflecting their life stage as homeowners and parents.
While not yet focused on retirement, Millennials do find two major “grown up” reasons to save: starting a family and buying a house, two adult developments that their generation is only beginning to embark upon.
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