Skip to main content

If you're young and have savings, you're doing better than most

Millennials aren't saving for the future, but they're optimistic about it anyway.

Nearly half of millennials don't have any type of savings for retirement.

That's according to a new GenForward poll released by the Black Youth Project at the University of Chicago, which was done with The Associated Press-NORC Center for Public Affairs Research.

It found 48 percent of those surveyed last month (1,851 racially and ethnically diverse 18- to 30-year-olds) said they had no type of retirement savings or pension.

Here's a breakdown. The results are in percentages:

We know it's important, but don't plan ahead

This isn't the first report that has suggested millennials aren't doing enough to plan ahead for their retirement, even though it seems to be one of their biggest concerns financially, a report from Bloomberg said.

Why? A recent USA Today story says it can be hard for younger Americans to save money because they're more inclined to live in the now. Plus, they're worried about running out of money – and a big part of that is student loan debt, a survey suggested.

But not saving now could be a big problem when it comes time for retirement, as the decline in pension plans and Social Security benefits over the years has made it harder for people to retire when they'd like.

Only 7 percent of people surveyed by GenForward said they had a pension through their employer, while 66 percent said they were not confident in the future of the Social Security system.

But we're optimistic!

Despite this, a little more than half (53 percent) say they are somewhat or very confident they'll have enough saved to retire when they want to, with the report saying: "It is striking how many young adults are confident about their financial future in light of their current negative evaluations of the economy."

More than half of young adults have a negative view of their current financial situation and the national economy.

But that doesn't stop millennials from being optimistic about their future, with a majority saying they believe they'll have a better life than their parents, and are confident they will find and keep a good job, pay off their student debt, and afford the lifestyle they want, the report said.

The survey about personal finances is part of a larger report that involved questions about the economy, finances, and the 2016 campaign, which highlighted disparities based on race, gender and other factors. You can read the entire report here.

If you're looking for tips on how to save for retirement, check out this story by USA Today.

Next Up

Brandon Gardas

St. Michael standoff suspect charged, bail set at $10 million

A judge on Monday set the high bail due to "very significant concerns of public safety" regarding Brandon Gardas.


Minnesota's premier trauma center housed at HCMC

The Minneapolis center is nationally recognized in pediatric trauma

Crisp & Green

Crisp & Green opening 13th store in Twin Cities in July

The fast-casual salad and grains restaurant has exploded onto the food scene.

FLickr - Target Field 2019 - mark grabe

Twins to host post-game concert with country star at Target Field

Country singer Cole Swindell is expected to perform for up to 75 minutes after the conclusion of the Blue Jays-Twins contest.


Canton Restaurant closes after nearly 40 years in Burnsville

It's the end of an era in the Twin Cities restaurant world.

Screen Shot 2022-06-27 at 12.47.20 PM

Luck strikes in Minnesota: lottery winners in Duluth, Grand Marais

The North Shore just so happened to be a lucky place to be this past weekend.


Minnesota's COVID-19 update for Monday, June 27

BA.5 is expected to become the dominant subvariant in Minnesota.

police lights squad car

60-year-old woman arrested after firing shots inside Spicer home

SWAT evacuated nearby residents during the incident.

Florida Georgia Line

Florida Georgia Line booked to play at the Minnesota State Fair

The band is the second country music act to be booked this year.


First case of monkeypox confirmed in Minnesota

The Minnesota Department of Health says the risk to the public is "considered low" at this time.


Hey millennials – you're really good at saving for surprise bills

The fear of getting into credit card debt is encouraging more millennials to save.

Burn: That aloe gel you're using might not have aloe in it

Tests show that some store-brand aloe gels are aloe-less.

That child you're about to have is going to cost you more than $200K

Housing, feeding, educating and clothing a baby costs a whole heap of cash.

Minnesota moose aren't doing better, but they aren't doing worse either

The state has lost more than half its moose over the past 12 years.

Minnesota moose aren't doing better, but they aren't doing worse either

The state has lost more than half its moose over the past 12 years.

traffic stop

MN driver's manual now says what to do when you're pulled over and have a gun

The change comes four years after Philando Castile was fatally shot by police during a traffic stop in which he was legally carrying a gun.

driver's license

More than 130K Minnesotans have one week to renew their licenses, IDs

About 300,000 Minnesotans license or ID expiration dates were extended to March 31 due to COVID. Now they're about to expire.