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

D'Angelo Russell

D'Lo's late takeover helps Timberwolves win double-OT thriller

Russell caught fire to help the Timberwolves get back to .500.

Gopher Football

Gophers suffocate Badgers, reclaim Paul Bunyan's Axe

Minnesota picked up its first home win over the Badgers since 2003.

Meeker County Sheriff's Office

Boy, 6, run over after falling off trailer in Meeker Co. tree farm accident

He was airlifted to Hennepin County Medical Center with internal injuries.

Target store

Target unveils deals for 2-day 'Cyber Monday' event

The promotion kicks off Sunday, November 28.

Screen Shot 2021-11-27 at 9.59.30 AM

Edina police warn of recent burglary trend targeting garages and vehicles

The Edina Police Department is increasing patrols in affected neighborhoods in response to the trend.

Screen Shot 2021-11-27 at 9.03.06 AM

Charges: Man shot Uber Eats driver making a delivery in Cottage Grove

Otis Donnell Shipp was charged with second-degree attempted murder after turning himself in on Wednesday.

Screen Shot 2021-11-27 at 7.36.14 AM

Waterfront hotel in Duluth sustains damage in kitchen fire

Authorities estimate the damage at around $75,000.

Screen Shot 2021-11-27 at 7.15.18 AM

Large groups of thieves target 2 Twin Cities Best Buys on Black Friday

It bears similarities to the flash-mob style thefts seen recently in California.

Karl-Anthony Towns

Timberwolves' winning streak snapped at five games

The Wolves' bid for their longest winning streak since 2014 came up short.

Screen Shot 2020-08-14 at 6.45.53 PM

Teen arrested over fatal shooting of 5-year-old boy in Brooklyn Park

Police say the teen was filming a social media video while handling a gun.

Joe Biden

President Biden coming to Minnesota to promote Bipartisan Infrastructure Law

Tuesday's trip follows passage of the $1.2 trillion Bipartisan Infrastructure Deal.


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 during which he said he had 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.