Guess which age group is saving the most out of their paycheck? Yes, it’s the group that the media likes to rag on the most…Millennials. It looks like the economy since 2008 has had a profound impact on the way they spend.
This is good news for them, as long as they invest their capital into income-producing assets, such as businesses.
Ryan Markey, who’s 23, doesn’t have a credit card, keeps his student loan debt under control and saves up to 30% of his salary each month. He says the Great Recession helped him get his financial priorities straight.”I saw my elders, people that were older that I looked up to, struggle during the financial crisis,” says Markey, an industrial engineer with solar products supplier First Solar. “Keeping a good savings account is something I think would really help me survive something like that.”
Read Full Story: Millennials Boost Savings But Financial Security Slips – Financial Security Index