Millennials are making big sacrifices in order to become better savers, according to a new report from Merrill Edge.
“Two-thirds are realizing they have to be self-reliant,” Aron Levine, head of Consumer Banking and Merrill Edge told FOX Business’ Maria Bartiromo on “Mornings with Maria.” “For millennials’ future, it’s about having their own savings investing account.”
The data revealed 54% of millennials are willing to cut back on going out, and over 30% are willing to skip a vacation, delay buying a house or postpone starting a family to save more money in the long run.
“There’s so many priorities that are trying to compete. How do I save for retirement and pay off student debt? How do I potentially take that vacation and pay off [debt]?” Levine said.
The report also found that 73% of Americans feel providing for family is vital to their definition of success.
“I think that’s consistent in what we’ve seen with millennials. They are very socially conscious, they want to get involved. And I think that is good for the future that 40% want to give versus 10% want to be a millionaire. I think there is some positive there,” Levine said.
Levine added the turnover in saving habits will ultimately benefit the economy.
“I think they are going to start being able to contribute more from a spending standpoint but also they are not going to have to rely on other sources for themselves in their retirement,” he said.