Americans are improving their savings — especially those who bother to make a financial plan.
New York Life, an insurance company, recently conducted a poll with more than 2,200 adults. The Wealth Watch survey found that two-thirds of adults with a financial strategy either met or exceeded their savings goals in 2023. Only 37% of adults without a financial strategy were able to do the same.
On average, adults strived to save about $7,435.57 last year, but actually saved about $6,138.06. While their savings fell short of their goal, on average, it’s an improvement from 2022, when adults saved about $5,011 on average.
But “adults” covers a wide range of ages. Let’s get more specific. Which generations fared better than the others?
Following are the amounts that New York Life reports each generation was able to save in 2023.
We also included the birth-year ranges for each generation as defined by the University of Southern California.
Generation Z
How much members of this generation saved in 2023: $6,440.67, on average
When members of this generation were born: 1995-2012
Gen Zers grew up with the internet and iPhones, and have little to no experience with pre-9/11 America. According to Britannica, their experiences have been “undeniably” shaped by the Great Recession and the COVID-19 pandemic. Gen Zers have also seen a breadth of change in their lives thus far, with the first Black president and the legalization of same-sex marriage.
Millennials
How much members of this generation saved in 2023: $9,299.45, on average
When members of this generation were born: 1980-1994
Millennials got their name from being the first generation to enter adulthood during the new millennium. Many grew up during relatively stable economic periods before 9/11, which changed the level of security this generation enjoyed previously. The deadly attacks of Sept. 11, 2001, the wars in Iraq and Afghanistan, and the Great Recession all changed millennials’ views on the country and hindered their ability to reach the same milestones as the generations before them.
Despite struggling in ways that previous generations may not have, millennials saved the most in 2023.
Generation X
How much members of this generation saved in 2023: $5,132.20, on average
When members of this generation were born: 1965-1979
Generation X is sometimes considered the “middle child” generation, sometimes forgotten or overlooked during generational conversations. They’ve also been called the “baby bust” generation since they were born after the once-high birth rates of baby boomers had declined.
This generation grew up, generally, with dual-income families, but were also more likely to live in single-parent households and be children of divorce than older generations. For many Gen Xers, this meant many of them returned to empty homes after school since their parents were still working.
Baby boomers
How much members of this generation saved in 2023: $4,059.72, on average
When members of this generation were born: 1946-1964
Baby boomers were, as their name alludes to, born during a boom of births that came after World War II. Nearly 76 million babies are estimated to have been born from 1946 to 1964 — increasing the U.S. population by more than 50% compared with 1945. Due in part to its size, the baby boomer generation has held a lot of political influence throughout the years.
In 2023, boomers saved less money than the three generations that followed them. But hopefully they don’t need the savings as much, given that most boomers are retired or preparing to retire soon.
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