75% of millennial moms are actively saving for retirement, with 91% saving in some form, according to a new survey conducted by audience research company Brainchild Studios. Brainchild surveyed over 400 millennial moms in June 2021 to better understand their values, behaviors, and preferences regarding financial decision-making, online purchasing, content consumption, and social media.
Other findings include:
- 60% seek out coupons and discounts as often as possible
- 44% automatically deposit money into their savings account from each paycheck
- 28% live below their means
- 27% automatically fund a retirement savings account each month
- 21% save any bonuses they receive
- 12% use an app to round up purchases into a savings account
Kiley Peters, founder and CEO of Brainchild Studios, says millennials have had to adjust to an aggressive saving strategy because of financial circumstances they inherited. "Many Millennials entered the workforce during the financial crisis of 2007-2009. At that time, they saw the strain their parents may have encountered and started emphasizing savings more. Some had a tough time finding employment regardless of education. Today, many millennials are in some of their peak money-making years, and then along came COVID-19 and robbed millions of employment,” says Peters.
The 75% of millennial moms saving for retirement seems to be consistent for all millennial savers, who have better retirement plans than either Gen Xers or Gen Zers, according to a New York Life Wealth Watch Survey. The study showed millennials have higher confidence levels, with 45% stating that their retirement savings will last the rest of their lives versus 35% for Gen X and 33% for Gen Z.
“We know this generation value experiences over things. The greatest experience they're seeking for themselves in their future is financial independence and the opportunity to potentially retire early if possible. Many of them are in positions of massive student loan debt and financially supporting growing families but also supporting their aging parents,” says Peters. “So, finding ways to make more money and be intentional about their time is paramount. Saving for retirement and major life goals are key motivators to achieving the life they desperately want to build for themselves."
Again, millennial moms are leading the way in recognizing the need to fund a retirement account. According to the Brainchild survey, the number of millennial moms who automatically fund a retirement account to save money increased 26% from 2020 to 2021.
If you need help starting a retirement savings plan, talk to the experts at NASB at 800-677-6272 or click here for more information.
