Seventy percent of Millennials characterize themselves as savers, up from 62% in 2016, TD Ameritrade learned in a survey.
Ninety-four percent say they are saving towards a specific goal, with the top two being a vacation (43%) and an emergency fund (39%). Thirty-eight percent of Millennials are saving for retirement.
On average, they expect to retire at age 56, and 53% expect to become millionaires.
However, 20% do not expect they will be able to pay off their student loans, and 17% have not yet achieved financial independence from their parents.
“One of the greatest investments young people can make in themselves is to start putting money away in their 20s,” says JJ Kinahan, chief strategist at TD Ameritrade. “Because of the power of compounding, even with ups and downs along the way, those who start early can end up with more in the end.”