The amount each generation saves can vary based on the current economic climate, cultural attitudes toward saving, and individual financial circumstances. Here’s a breakdown of how much each generation saved last year, according to a study by New York Life: https://www.newyorklife.com/newsroom/2024/new-york-life-wealth-watch-2024-outlook

Millennials (1981-1996): Leading the pack with an average of $9,299 saved in 2023.

Generation Z (1997-2012): Following closely with over $6,000 saved.

Generation X (1965-1980): Coming in third with an average of $5,132 saved.

Baby Boomers (1946-1964): Bringing up the rear with just over $4,000 saved.

While these averages don’t reflect every individual’s experience, there’s a noticeable trend: Savings tend to grow more slowly in a person’s earlier years as they adjust to adult life and start their careers.

One of the biggest obstacles younger generations face is time. With less time in the workforce and less time to pay down debt, it’s harder to build up significant savings. The rising cost of living and education further complicates saving efforts for younger people.

Many Gen Zers are still in college or haven’t attended yet. Older members of Gen Z and Millennials make up the largest share of federal student loan borrowers, according to recent figures from the Fed. Those actively paying down student loan debt may struggle to save significantly due to these competing financial obligations.

As people move into their higher-earning years, the potential to save more increases. However, credit card debt, which has recently reached a record high of $1.115 trillion cumulatively, remains a significant barrier to saving.

It’s a challenging landscape, dictated by the country of living first all. Without disclosure of any personal information about age or the country of living here, did you find yourself in a proper place of this breakdown? Just put ‘Yes’ or ‘No’ in comments.