Not enough members of the millennial generation are saving for retirement

Not enough members of the millennial generation are saving for retirement

TYLER (KYTX)-A new study released by Wells Fargo says only fifty five percent of millennials, those born after 1981, are saving for retirement.

According to the study, eighty percent of millennials say the recession taught them to save but only a small percent are actually doing it.

"They are not thinking about it as a priority, they are not really thinking about the advantages of saving. I would say that we are trying to change that and hope they are taking savings seriously," UT Tyler Student Money Management Coordinator Christina Gibson said.

Millennial Roberto Vazquez works two jobs and goes to school full time. He says saving is hard because of the constant increase in prices.

"I try to put money aside for just in case but that just in case always comes up and often," Vazquez said. "From the time I used it once until I need it again that time is short."

Vazquez attributes his generation's lack of saving to the ease of spending money.

"The generation before us everyone didn't have a PayPal account, everyone didn't have amazon stuff like that, it's so easy just to come across a good deal and spend your money and then you're flat broke so I think that's a huge part of it," Vazquez said.

Millennial Erin Hicks wishes she learned more about budgeting in school and is thankful for a family that taught her how.

"I have 2 older siblings that just got married so they've sort of been the example for what life is going to be like in the future," Hicks said. "That gives me the priority to set money aside so that I can be comfortable as I get older."

Gibson hopes more millennials start investing in their futures.

"Before you pay those bills, before you go out and buy anything from the store- pay yourself first, put it in a savings account and let it grow and don't touch it," Gibson said.

The number of millennials saving is slightly more than the 2013 study showed but experts say it's still not enough.


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