As millennial Americans have experienced the effects of the Great Recession of 2008, a strong majority (80 percent) say it has taught them they have to save now to survive economic problems down the road.
These findings are part of the 2014 Wells Fargo Millennial Study, conducted online by Harris Poll on behalf of Wells Fargo. The survey was conducted among over 1,600 US adults aged 22-33 (millennials), and among over 1,500 US adults aged 49-59 (baby boomers).
Despite this generation´s reported lesson, 45 percent are not saving for retirement, while slightly more than half (55 percent) are saving. The savings picture varies by gender with 61 percent of men and 50 percent of women reporting that they are saving. This difference in saving rates may hinge on the fact that the median annual household income reported by millennial men is USD77,000 versus USD56,000 for women.
For college-educated millennials, median annual household income is reported to be USD83,000 for men and USD63,000 for women. About half of all millennials report they are “satisfied” with their savings at this point in their lives, but the gender discrepancy is pronounced, with 58 percent of men feeling satisfied, versus 41 percent of women.
Wells Fargo and Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with USD1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the Internet (wellsfargo.com).