While many millennials began their careers during the Great Recession, with low job prospects and high student loan debt, many are considered “super savers” who are actively saving for their futures.
Here are 10 facts about millennial saving habits from a recent Transamerica Center for Retirement Studies report, following a survey of more than 1,000 employed millennials:
1. Seventy percent of millennials started saving for retirement at age 22 (median).
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2. Two-thirds of millennials expect their primary source of income in retirement to be self-funded through retirement accounts (48 percent) or other savings and investments (18 percent).
3. Four out of five (81 percent) of millennials are concerned they will not be able to rely on Social Security when they retire.
4. Sixty percent of millennials plan to retire at age 65 or sooner, including 26 percent who plan to retire at age 65 and 34 percent who plan to do so even sooner.