Do you know which generation saves the most money?

Do you know which generation saves the most money?

I think I am able to save some money every month. However, I should try to save more and stop buying too many things which I may not need. I have fully paid for my car around 9 years ago and my wife’s car around 3 years ago. So, for now, we do not pay a single sen for car installment. I intend to maintain this for as long as I could even though I am also planning to buy replace my car’s wife next year. I already informed her, so I think this will proceed. In order to do that successfully, I need to save more before then. What about you? Which generation are you and do you save enough money?

Article in Forbes.com Please refer to the chart below:

Can you see that the generation with the highest amount of savings has actually done it most probably through savings? Look at baby boomers. Look at the over US$500,000. It’s very obvious because they have 17 percent of all baby boomers being able to save enough to feed the family. Even if we move down a notch, the Baby Boomer is still king.

However what is happening next is my generation, the Gen-X. We have a higher savings in the US$100,000 – US$250,000 category. This may meant that this group of Gen-X just need to ensure these amount continue to build up and they will reach the Baby Boomer’s category in the time to come. Meanwhile, the young Gen Z and Millennials show that they are not behind the Gen-X. In other words, for those who have the right skills, their salary may be higher and thus they are able to save more too.

So, which generation are you? Do you also have huge savings already? Or still building?

Happy saving.

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