America’s beleaguered millennials received a rare gift on Tuesday: A scrap of good news. Even with the aggregate student debt burden eclipsing the $1 trillion mark, and wages pressures across the US economy remaining relatively subdued, a new survey from Bankrate.com claims that Americans’ savings habits are improving for the first time in a decade, with the strongest gains recorded among the 18-26 demographic.
Indeed, after almost a decade, Americans may finally be turning the corner on saving money. More than 30 percent of them say they have enough tucked away to cover six months’ worth of expenses – a seven-year high for this measure of financial calamity preparedness, a financial planning favorite, according to a Bloomberg report on the data.
‘Ever since the recession, we’ve noticed in surveys that people realize how important it is to have emergency savings, but for so many years post-recession they just weren’t making any progress,’ said Greg McBride, chief financial analyst at Bankrate.com, which released the survey on Tuesday. Now a broader swath of people are finally making headway, he said.
This post was published at Zero Hedge on Jun 21, 2017.