You may not think millennials save money as much as the other age groups but a recent study showed that they have found new and creative ways to save money like no one in history did so before. With student depts and jobs that start off paying so little, millennials had to find ways to pay off their depts and live off their salary. Student dept is something no other age group had to face before so nobody in history had to start off their young life with money so tight.
Millennials are great at saving their money
While it may sound very simple, millennials save money by keeping it to themselves. Reporter Suzanne Woolley wrote;
“The percentage of 18- to 34-year-olds who saved at least 5 percent of their income increased to 56 percent from 50 percent in 2014, a new report shows. Only the 45-to-54 crowd had a bigger jump on that measure, rising to 53 percent from 45 percent in 2014—also impressive, but they have more money to play with.”
They don’t trust banks
While any other age group puts their money in banks, millennials save money by putting it elsewhere. Millennials either keep it as cash, invest through apps and tech or invest in new projects which may or may not pay back.
Technology makes things a lot easier to help millennials save money. Whether it is personal finance tech startups or simply to comparing prices before buying something, millennials sure know their way around using technology to make sure everyday spendings cows them less and the money they have gets bigger with smart personal finance apps.
They share and sell what they have
Millennials save money and make money by sharing their resources like cars or homes with Uber or Airbnb. This helps both ways to benefit millennials. They also sell things they do not need and sell their services in their free time to make money like nobody in history had a chance to do so before.