Can millennials save money?
An interesting article came out today in The Atlantic called Why Aren’t Millennials Saving Money?
The author, Bouree Lam, states that the biggest impediment to saving money is the high cost of living in cities, which makes saving impossible.
Lam cites a The Wall Street Journal report that adults under 35 have a savings rate of -2 percent.
Lam also cites a study by BNY Mellon and University of Oxford that millennials’ financial literacy is pretty dismal. According to the article, “nearly half did not know how pensions worked, and millennials are twice as likely to turn to their parents for financial advice rather than a bank”.
Below is a link to the article. I would love to hear your thoughts on this issue, especially if you are a Millennial.
Why Aren’t Millennials Saving Money?
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Saving money will reduce the lack of money demand in the future. If you save money from now, then in the future, if you will face any emergency, you don’t need to be worried.