Millennials have faced hard financial times, but there is a silver lining: they may be better with their money than previous generations.
Over 40 percent of millennials report setting aside money on a monthly basis, according to the Allianz Life Generations study. That’s compared to 36 percent of Gen-Xers who report similar monthly savings. Allianz speculates that millennials are outperforming Gen X in part because they learned caution from observing their parents.
“The Great Recession was, if anything, a nice ‘reset button’ to nudge up saving by younger people, which is quite useful, given the low saving rate in the United States,” Kent Smetters, a finance professor at The Wharton School, tells CNBC Make It.
Retirement savings is also a higher priority for many millennials. The same Allianz survey finds that 58 percent of them believe long-term saving is a basic necessity, ranking right up there with food and housing.
And about half of millennials with a 401(k) say they contribute 10 percent or more each month. Only 36 percent of Gen-Xers say the same.