Millennials are prioritizing saving for retirement and increasing the amount of money they contribute from their paychecks.
A recent Bankrate survey found that 30% of younger Millennial employees or those who are 18 to 26 years old boosted their retirement savings contributions in 2017 compared to the previous year. The report said that Millennials contributed the most compared to other generations.
“Millennials are saving earlier and saving more for retirement than their predecessors,” said Greg McBride, chief financial analyst of Bankrate, a New York-based financial content company.
The increase in savings can be attributed partly to more employers taking part of auto enrollment and auto escalation policies in their 401(k) plan.