December 1, 2016

Treasurer Curtis Loftis Encouraged to See Millennials Embracing the Habit of Saving

Hard to believe the generation most often accused of delaying adulthood may actually be out-saving those who have come before them.

Hard to believe but true. According to the latest “How America Saves for College” survey by Sallie Mae and Ipsos research firm, millennial parents are saving on average $20,155.

Compare that to Generation X parents who reported saving an average of $12,428 and baby boomers who set aside $18,323.

“That a new generation has already embraced the concept of saving for the future is encouraging and is to be commended,” said South Carolina Treasurer Curtis Loftis.

The Treasurer has commented before on the importance of millennials saving early for retirement, so was encouraged to see this same generation taking the lead when it comes to saving for college.

A longtime proponent of financial literacy and starting early to save for college, Loftis found the survey results promising — especially considering the rising cost of a college degree and the shorter window of time saving for a college education presents as opposed to other savings goals such as retirement.

“And whether you’re a millennial, Gen-Xer, baby boomer or just a grandparent looking to set aside money for a grandchild, a Future Scholar College Savings Plan is a great way to get started,” he said. “It really is the smart, easy way to save money for college.”

To learn more about the survey’s findings, read on: