Boomers Hold Nearly Double the Savings of Millennials, Survey Shows

NEW YORK — A recent survey by Talker Research for Newsweek highlights a stark generational divide in savings, with Baby Boomers holding nearly twice the savings of Millennials. The study, which polled 1,000 U.S. adults, found that Boomers, aged 61-79, reported an average of $216,007 in savings across all accounts, while Millennials, aged 28-43, averaged $110,556.

Richard Barrington, a financial analyst for Credit Sesame, noted that the savings gap is not surprising, given that Boomers have had approximately 35 more years to accumulate savings and benefit from investment returns. ‘Millennials, on the other hand, are still in the earlier stages of their careers and typically have not yet reached their peak earnings years, which usually occur between ages 45 and 54,’ Barrington explained.

The survey also revealed that nearly 18% of Millennials reported having no savings at all, compared to 15% of Boomers. At the higher end of the spectrum, 8% of Boomers have over $1 million saved, while only 2% of Millennials have reached that level. Barrington emphasized that Millennials should not be discouraged, as they still have ample time to build their savings. ‘Given another 35 years of savings, investment growth, and increasing earnings as they approach their peak income years, Millennials could catch up to where Boomers are today, even when adjusting for future inflation,’ he said.

Despite the initial alarm, the data suggests that Millennials are not inherently at a disadvantage. Adjusting for inflation, the average wage today is higher than when Boomers were the same age. However, savings rates have declined significantly over time. In 2024, the personal savings rate in the U.S. dropped to 3.6%, marking the lowest rate in over a year.

Barrington expressed concern about whether either generation has saved enough for a comfortable retirement. ‘The more pressing concern is whether either generation has saved enough to fund a comfortable retirement,’ he said. ‘At age 65, the average person can expect to live another 18 years, but some may need savings that last 20 or 30 years. In that context, even Boomer savings may be stretched thin over time.’ This concern underscores the broader trend of declining savings rates in America, highlighting the need for increased financial planning and savings efforts across all age groups.