In defiance of conventional wisdom, millennials are saving — and not (just) for avocado toast. Actually, according to a new Merrill Edge report released Friday, young people are "outperforming everyone in saving," only with different goals in mind.
Seriously different goals.
"Millennials are the first generation to plan long-term for financial freedom instead of retirement," says the report. Sixty-three percent of millennials are saving to live their "desired lifestyle," as opposed to 45 percent of both baby boomers and Gen Xers.
Fifty-five percent of boomers and Gen Xers are saving to leave the workforce, whereas millennials are far more lukewarm: Only 37 percent of young people have that goal in mind.