Story at a glance:
- About 40 percent of college students and Millennials are saving for an emergency fund, according to research by College Finance.
- Millennials beat out Gen Z in confidence in saving.
- Millennials are more likely to invest in long-term things compared to college students.
Research from College Finance shows that only about 40 percent of college students and Millennials were saving for an emergency fund, out of 1,000 respondents (765 current college students and 203 Millennials).
The findings show that college students, 39.2 percent, and Millennials, 38.6 percent, somewhat both agree that saving money is important for emergencies.
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Millennials, people born between 1981 and 1996, are much more likely to complete college and have saved up money for vacations, invest in a wedding, pay for medical and dental expenses, and put money aside for retirement at a higher rate than college students.
Modern day college students, Generation Z, people born between 1997 and 2012, are more likely to face setbacks due to the pandemic. In fact, a little more than 50 percent have admitted to failing to save.
However, when they are saving, most noticeably they are saving for materialistic things like new tech, new clothes, and tickets or events.
Millennials were polled to have more budgeting issues but have better resources than Gen Z to turn things around.
On a scale from “not at all” to “extremely,” when it comes to feeling confident about one’s savings, Millennials beat out Gen Z after comparing them to those who said they are between very confident and extreme.
On the contrary, using the same scale, Millennials are more likely to be stressed out about saving money than college students.
On the other hand again, Millennials are more optimistic about their future savings than Gen Z.
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Published on Jul 01,2021