Although millennials have a reputation for being big spenders, the largest generation in the U.S. is saving more money than other generations — by a significant amount — according to New York Life’s 2025 New Year Outlook Wealth Watch survey.
Using a sample of 2,200 adults, New York Life conducts its Wealth Watch periodically, monitoring Americans’ “financial goals, progress toward those goals, and feelings about their ability to secure their financial futures.” Millennials, it seems, have hope for their financial prospects and are realistic about what it will take to get there.
Read Next: How Much Should the Average Middle-Class Baby Boomer Have in Savings?
Check Out: How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too
Read on for more details about how much money each generation saved in 2024, per the survey, and why millennials are ahead of the pack.
Americans Saved Over $7,000 on Average — How Did You Do?
The survey found that Americans set out to save $8,505.89 on average in 2024 but ended up saving an average of $7,460.94. However, despite 43% of respondents reporting that they felt less financially secure at the end of 2024 then they did a year prior, they managed to save more last year than in 2023.
Millennials saved almost double of what the average American saved and over $4,500 more than its closest generation group. Here’s how much money each generation saved in 2024. How did your 2024 savings measure up?
- Millennials: $12,004.87
- Generation X: $7,463.17
- Generation Z: $6,164.67
- Baby boomers: $3,466.13
Explore More: 8 Moves To Make Immediately If You’re a Baby Boomer Without Retirement Savings
Millennials Are Planning for a Different Type of Retirement
Given these results, it’s not surprising that millennials are also the most confident generation when it comes to achieving their financial goals. According to an Empower survey of 1,006 Americans in September 2024, 60% of Americans are confident about realizing their financial goals, but millennials lead the charge at 63%.
There are a number of reasons for millennials saving more than other demographic groups. Most point to lessons learned from having to endure numerous financial crises during their early income-earning years. Members of this generation lived through recessions, stock market volatility and slower economic growth when they were entering an extremely competitive workforce.
However, according to Barron’s, millennials have made up for missing out on the generous pensions that baby boomers received. Barron’s pointed to millennials’ entrance in the workforce aligning with employer-sponsored retirement plans starting automatic enrollment.
In its 2022 Retirement Reimagined study, Schwab said that millennials will be more likely to spend their savings to live the lifestyle of their dreams and follow their passions. In doing so, they are saving differently, emphasizing flexibility instead of the stable and consistent wealth-building approach favored by older generations.
It remains to be seen how retirement will pan out for millennials, but it sounds like they are on the right track with saving money. Anyone looking to save more money in 2025 could consider following their lead.
More From GOBankingRates
- From 2% to Nearly Everyone: Musk's X Post on Income Tax Raises Big Questions
- Here's the Minimum Salary Required To Be Considered Upper Class in California
- 5 Things You Must Do When Your Savings Reach $50,000
- 5 Low-Risk Ways To Build Your Savings in 2025
This article originally appeared on GOBankingRates.com: Here’s How Much Money Each Generation Saved in 2024 — How Do Your Savings Compare?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
