Some folks know how to save a buck or two. But when you take it to the next level, you reach “super saver” status.
Super savers are those who participate in a 401(k) or similar retirement plan and earmark more than 10% of their salary to such an account, according to the Transamerica Center for Retirement Studies.
Recently, the center surveyed 5,493 workers as part of its report “Emerging From the COVID-19 Pandemic: Four Generations Prepare for Retirement.”
As part of that report, the organization identified the percentage of super savers in four generations — Generation Z, millennials, Generation X and baby boomers.
Somewhat surprisingly, the center found there are a lot of super savers in all of those age cohorts. Following is a breakdown of how many of these overachieving savers can be found in each generation.
How Transamerica defined this generation: People born from 1997 to 2012
Respondents in this generation who are “super savers”: 61%
The stereotype is that Generation Z is made up of slackers. If you believe that, this survey will turn your world upside down.
Members of Generation Z have the most super savers of any generation, with more than 6 in 10 qualifying for the title.
So, instead of passing on your money wisdom to people in this age group, perhaps you should find out what they can teach you.
How Transamerica defined this generation: People born from 1981 to 1996
Respondents in this generation who are “super savers”: 56%
Millennials aren’t quite up to the level of saving as the generation immediately below them, but they aren’t far behind.
More than half of millennials are putting a large chunk of their income into a retirement account.
How Transamerica defined this generation: People born from 1965 to 1980
Respondents in this generation who are “super savers”: 45%
The percentage of super savers takes a sharp dip in Generation X, with less than half of workers in this age group earning the honor.
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How Transamerica defined this generation: People born from 1946 to 1964
Respondents in this generation who are “super savers”: 47%
As with Generation X, there are fewer super savers in the baby boomer generation than there are among younger generations.
However, boomers get something of a pass here: Many of them now are in retirement — and more are entering their golden years every day — which means they no longer are funneling job-related income into a retirement plan.
Besides, they are still doing better than Generation X.