58% of Millennials Actively Saving for Retirement, Contrary to Popular Belief

Millennials get a bad rap - apparently, those of Generation Y don’t know how to save for retirement and are good at wasting money. That’s not true, according to a recent LendEDU study. Their newest Millennial study found 58 percent of Millennials are saving for retirement through an investment account, like a 401(k) or IRA.

Age was the biggest factor impacting how much Millennials were saving for retirement. The older a Millennial is, the more likely they are to have saved more for retirement.

The survey also found 30 percent of Millennials invest through a personal brokerage account outside of their retirement account. Out of those who invested in the stock market, most of their money went to three sectors - financial, technology and healthcare.