DENVER BUSINESS JOURNAL - Young adults are sacrificing family vacations and dining out to put money away for retirement and it's paying off, according to a new report from NerdWallet.
Millennials, specifically millennials with kids, are saving more of their income for retirement than any other generation, according to the report. Millennial parents on average save 10 percent of their income for retirement, compared to 8 percent for Generation X parents and 5 percent for Baby Boomer parents. About 38 percent of millennial parents save more than 15 percent of their income.
NerdWallet defines millennial parents as those between the ages of 18 and 34, Generation X parents as those between 35 and 54, and Baby Boomer parents as 55 and older.
Among millennial parents, 76 percent have sacrificed something to add to their retirement savings – 43 percent have cut back on dining out and 42 percent have skipped vacations, per NerdWallet.
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