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# Millennial Money Myths: Saving

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## Video: Millennial Money Myths: Saving

[Watch (HLS stream): Millennial Money Myths: Saving](https://cdn.jwplayer.com/manifests/BU0wOBwc.m3u8) (2:16)

![Millennial Money Myths: Saving](https://cdn.jwplayer.com/v2/media/BU0wOBwc/poster.jpg?width=720)

_Published 2015-05-08. Millennial Money Myths: Saving_


---

Jul 27, 2023 6:14 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

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### 4 Money Myths to Consider

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### The Millennial Money Whisperer

[Money Saving Wedding Hacks from the Broke Millennial](/video/7Je2X3dr/)

### Money Saving Wedding Hacks from the Broke Millennial

---


## Transcript

[ MUSIC ] Millennials are actually a lot more financially conservative than their parents because they really came of age during the financial crisis. So they're less likely to invest in the stock market. They're kind of afraid of stocks. I get really annoyed with a lot of the comments about retirement and the stock market. Cuz again, we did have a little bit of a later start. We're leaving school with $ 30, 000 in debt. Our priorities are different, and just cuz it's different does not mean that we don't care about some of the same end goals as the generation. Generations ahead of us. Millennials are the youngest generation that also doubles as professionals, you know.

So they're gonna save less. I save more now than I did when I was 24, when I was 25. I wasn't saving a whole lot then. It makes a lot of sense, I wasn't making a whole lot of money. It wasn't a priority. Even if it was It was basically impossible. You know, Money Magazine would tell people to try to max out their 401k when they can. Maxing out is $ 18, 000 a year. [ LAUGH ] You know, find me a millennial who has $ 18, 000 a year left over after housing, and food, and student loans, and, there's just not that much left. I think that no generation is particularly good at the savings and budgeting, but to say that boomers were great and millennials are awful in comparison really, really untrue.

I think boomers are patting themselves on the back a little bit too much there. They have more savings, more saving in 401Ks than baby boomers when they were our age. But, there's just not always that much money left over. Actually, in terms of retirement savings, Millenials start saving younger. 70 percent of Millenials started saving at the age of 22, which is a lot younger than Gen X or Boomers have. Part of that, of course, could be because, you know, 401K's automatically enroll you know and they will up your contributions a little bit. Bu the fact is, they're taking part. They're saving. They're squirreling away about eight percent.

So that kinda disproves the myth. [ MUSIC ]

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