Millennials are in better shape financially than their older Generation X counterparts, according to a new study by Allianz Life.
The study found that 77% of millennials feel financially confident compared to 64% of Gen Xers.
Part of the reason is probably due to the fact that 48% of those with a 401 (k) contribute 10% or more on a monthly basis, a higher percentage than Gen Xers (36%) or baby boomers (44%).
The survey also found that millennials digital natives that they are- use ‘tricks’ to make saving easier namely several different accounts to automatically save them money for different purposes (everyday expenses, loans, trips, etc.).
While millennials are saving, some say Social Media is keeping them from putting aside more money.