PHILADELPHIA (CBS) — It can be easy to mock millennials. The tech savvy generation is seemingly selfie obsessed, but they may also have an obsession for saving, according to a new bankrate.com study.
“Having had a front-row seat for the financial crisis, and that coming during their financially formative years, has really had an impact on millennials and some of their financial habits, in particular,” Greg Mcbride, chief financial analyst at bankrate.com, said. “Millennials are much more focused on saving.”
Not only are millennials putting money away, many don’t even want a credit card.
“Found a large percentage of millennials shy away from credit cards all together and those that do have a greater tendency to want to pay that balance in full every month,” McBride said.
To save like a millennial, pay yourself first. Every paycheck, direct deposit money into a dedicated savings account and contribute to a 401 (k).
“Americans are woefully under saved on both emergencies as well as retirement. And in a lot of cases, it’s simply because of a lack of prioritization,” McBride said.
McBride says many millennials are focused on saving first and building a lifestyle around what’s left.