Nearly half of Americans are feeling confident about their ability to save for the future and millennials are leading the charge, a TD Bank survey finds.
Fifty-six percent say they are good savers, compared with 43% of gen Xers and 48% of baby boomers.
“Conventional wisdom assumes Americans are spenders, rather than savers,” says Nandita Bakhshi, head of consumer bank with TD. “So it’s encouraging to see such a strong commitment to saving across the board, particularly among millennials.”
Read: Millennials more optimistic than boomers about retirement
Retirement represents another key focus for most Americans, with 57% reporting that they are currently saving or investing money for retirement.
Only 29% of respondents are very or extremely confident that they will save enough to retire comfortably, while 36% of Americans list saving for retirement as one of their main financial fears.
Millennials, once again, break away from the pack, feeling twice as confident as gen Xers in their ability to save for a comfortable retirement (42% versus 20%, respectively).
Read: Millennials say recession taught them to save for retirement
Millennials are not only the best savers, they’re also the most diligent about their budgets.
According to the survey, 44% of Americans check their budget once a week or more. This figure climbs to 53% for millennials, compared to 43% for gen Xers and 37% for baby boomers.
Read: Millennials focused on saving for retirement
New technology is also changing the way Americans manage their finances.
Consumers are relying more heavily on banking/financial apps (40%), with conventional spreadsheets taking a secondary position (29%). Reliance on banking/financial apps is particularly prominent among millennials, at 59% versus 38% for gen Xers and 24% for baby boomers.