Millennials are looking beyond beach vacations and nights out when it comes to finding the best way to use their cash.
More of them are putting money away for retirement, according to a new analysis released Thursday by Bank of America Merrill Lynch. About 40,000 workers in their 20s and early 30s signed up for their employer’s 401(k) plan for the first time during the first half of this year, the report found. That is up 55 percent from the same time last year and more than the 37 percent increase seen for all age groups.
“If you look at the millennials, they’re actually by nature better savers,” says Kevin Crain, managing director and senior relationship executive for Bank of America Merrill Lynch. The bank analyzed data from its 401(k) business, which has $128.9 billion in assets and includes 2.5 million participants.