Home|Our Services|About Us|Resources|Contact Us|Client Center
More Articles  Printer Friendly Version


Millennials Want To Save More And Resist Impulse Purchases

According to a new survey by the American Institute of Certified Public Accountants (AICPA), more than one-third of millennials—the generation born between 1980 and 2000—say that saving money is their top goal for 2016.

In the survey, more than a third ranked saving money ahead of living a healthy life—cited by one in five—repaying debts (19%), and losing weight (14%). At the same time, two out of three participants said impulse buying was a major impediment to saving.

Older millennials, those born in the 1980s, already are established in careers, and 26% of those in that group say they are earmarking savings for emergencies, 22% are saving for retirement, and 15% are setting aside money to start a family. This group also focused on saving for large purchases, such as vacations (36%), houses (27%), cars (26%), home improvements (20%), and weddings (8%).

Other obstacles to saving cited by all survey participants included low salaries (84%), costly bills (81%), paying down debt (79%), and lacking a personal budget (62%). Also, almost half say they fail to pay credit card bills in full each month or have had to borrow money from friends or family.

It's encouraging that saving has become a top priority, but there's still a long way to go.

Email this article to a friend

Now Is A Perfect Time To Open A New Business
Tie The Knot For Retirement With A Spousal IRA
Remember The Lesson Of Rebalancing
What's The Truth About Probate?
5 Key Documents In An Estate Plan
With Or Without The New Fiduciary Rule, We Have Your Back
4 Cornerstones Of Diversification
Higher-Paying Job May End Up Costing You
Women Short-Changed Despite Business Gains
Cash In On This Gift Tax Break For Section 529 Plans
Do Robo Advisors Have Glitches?
Social Security Options Remain
Starting A Retirement Plan? SIMPLE
DOL Approves Final Fiduciary Rule
Do You Have To File An FBAR Now?

This article was written by a professional financial journalist for Amherst Financial Services and is not intended as legal or investment advice.

©2016 Advisor Products Inc. All Rights Reserved.
© 2016 Amherst Financial Services | 81 East Water Street, Suite 2A, Toms River, NJ 08753 | All rights reserved
P: 732-349-3377 | info@amherstfinancial.com |
Disclosure | Privacy Policy | Contact Us