Millennials could teach older generations a thing or two about saving money, according to a survey from BankRate.com, a personal finance website. Some 62% of millennials say they are saving more than 5% of their incomes—up from 42% last year. By comparison, only 50% of older adults (defined by BankRate.com as age 30 and up) are putting 5% of their income aside. About one-third (29%) of millennials report saving more than 10% of their incomes—up from 22% in 2015.
Overall, Americans are saving more. The percentage of people setting aside 10% or more of their incomes increased from 24% in 2015 to 28% this year, the survey of 1,000 people found. At the same time, the percentage of Americans saving 5% or less of their income dropped from 28% to 21%.
The survey doesn’t mention it, but Sleep Savvy hopes at least some of those savers are putting money away for a big bedroom purchase like a new mattress set.