Written by:
George Prior Millennials are saving more of their income than the next oldest generation of workers.
This is the surprising finding of a new global survey carried out by deVere Group, one of the world’s largest independent financial advisory organizations.Those in Generation Y (24-38 years old) who started seeking financial advice from deVere in 2018 on average saved 19 per cent of their income for their retirement.Those in Generation X (39-53-year olds) put aside 16 per cent on average of their income for retirement; and the Baby Boomers (54-74 years old) 35 per cent.More than 660 people participated in the survey in the UK, Europe, Africa, Asia and the U.S. amongst new clients taken on by deVere throughout last year.Of the survey, Nigel Green, founder and CEO of deVere Group, comments: “The results of the saving survey are both encouraging and alarming.“It is encouraging that millennials – often falsely stereotyped for their sense of entitlement and for being content to pay for overpriced coffees and smashed avocado on toast - seem to be better at saving and more fiscally responsible than many would have thought.Related:
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