There are significant differences in the financial habits of different generations. And depending on whom you ask, that might be reason to worry about the future of our economy.
Millennials, those born between 1983 and 2000, report an unusual ability to save with every paycheck. But rather than investing in the stock market, most young adults are opting for the comfort and security of a savings account. 66% of survey respondents in this age group chose savings accounts as their top choice for reliability.
While this may help them avoid the risks of investing, it also prevents them from sharing in the growth potential of investment vehicles. Savings alone may not be enough to finance the rest of their lives, through retirement. Read more here.