Fidelity: Generation Y Saving More and Spending Less…
By Benjamin Pacini • Tuesday, December 15, 2009 10:30 am
If there is any good news from the financial collapse, it is that 20 to 30-year-olds have decided that spending less and saving for retirement are important. Now if the federal government will only catch on.
Fidelity Investments recently released a report that indicates that “saving more and spending less was the overwhelming mantra for most Americans (18 yrs or older) when listing the top three financial resolutions they are considering. More than half (51%) said that saving more money was their primary focus, followed by spending less money (30%) and making or sticking to a budget (14%).”
In addition, the report said “nearly half (47%) of Gen Y employees (22-33 yrs old) with an employer-sponsored retirement savings plan report that managing everyday finances, such as paying the mortgage or credit card debt, is a more crucial obligation than saving for retirement. The majority (57%) believe that these types of savings plans are the best way to save for retirement. More (18%) now consider saving for retirement to be their "most crucial goal" versus just 13 percent in 2008."
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We have to save because all those "great" entitlement programs that let seniors live off our tax dollars aren't going to be around when we retire. Saving smarter, not more.
>> Annie December 15, 2009 4:54 pm
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