SPRINGFIELD, Mo. -- (12/04/2017)Baby Boomers and Gen-x-ers may want to start take lessons from millennials, after new findings reveal that the younger generation is actually opting to save their money rather than spend it.
According to a new report 54% of millennials are cutting back on going out, while over 30% are willing to do things like skip a vacation, delay buying a house and wait to start a family.
"Two thirds are realizing they have to be self-reliant. Right, so for their future it's about having their own savings and investing account. Not necessarily the government or friends and family which is what we were seeing a few years ago. So they're realizing they need to be savvy about how much they're investing and saving." said Aron Levine, Head of Consumer Banking and Merrill Edge.
At the same time, Americans are also redefining the idea of success. Seventy-three percent say success is providing for a family, while over 40% define donating to charity as the ultimate sign of success.
"They are very socially conscience, they want to get involved, and I think that is a good thing for the future that 40% want to give versus 10% want to be a millionaire. I think there is some positive there," said Levine.
As millennials become more and more savvy with their cash, the banking world is changing as well. Up to 60% of people now manage their finances online while only 10% do so at the bank.
With apps for almost everything, finances are no exception. Nearly half of Americans now rely on mobile banking apps on their smart phone for everyday use, making it easier and easier to manage your finances and track your spending.