Millennials Want To Save More And Resist Impulse Purchases
According to a new survey by the American Institute of Certified Public Accountants (AICPA), more than one-third of millennials—the generation born between 1980 and 2000—say that saving money is their top goal for 2016.
In the survey, more than a third ranked saving money ahead of living a healthy life—cited by one in five—repaying debts (19%), and losing weight (14%). At the same time, two out of three participants said impulse buying was a major impediment to saving.
Older millennials, those born in the 1980s, already are established in careers, and 26% of those in that group say they are earmarking savings for emergencies, 22% are saving for retirement, and 15% are setting aside money to start a family. This group also focused on saving for large purchases, such as vacations (36%), houses (27%), cars (26%), home improvements (20%), and weddings (8%).
Other obstacles to saving cited by all survey participants included low salaries (84%), costly bills (81%), paying down debt (79%), and lacking a personal budget (62%). Also, almost half say they fail to pay credit card bills in full each month or have had to borrow money from friends or family.
It's encouraging that saving has become a top priority, but there's still a long way to go.
© 2017. All Rights Reserved.
- Do You Have To File An FBAR Now?
- When One Roth IRA Is Not Enough
- Still Time To Save $1 Million?
- Market Timing Is An Inexact Science
- What Will Your Social Security Benefits Come To?
- SS Benefits: Tax Danger Ahead!
- Views On Retirement Communities
- Women Save More For Retirement Than Men But Have Less
- When To Use An Installment Sale
- Do Roth IRA Math Before Converting
- 5 Ways To Boost Retirement Savings
- 7 Tax Breaks Set To Last Forever
- Retirement Plan Choices For The Self-Employed
- Do You Know If Your Business Really Is Small?
- 5 Reasons To Amend Your Estate Plan