Millennials are better with money than many older people give them credit for being, a national survey says.
Charles Schwab tracked how 1,000 Americans, aged 21-to-75, manage and use their wealth. Their survey assessed four main categories: Goal setting and financial planning; saving and investing; staying financially on track; and having confidence in reaching financial goals.
Overall, Americans received an average score of 49 on a zero to 100 index, which, you could argue, is a failing grade. Baby boomers scored a 49 (average) and Generation X came in at 45 (slightly lower than average).
Millennials scored a 51 overall and ranked higher than the national average in three of the four categories.
About 34 percent of them said they are likely to have a written financial plan. That's in comparison to 21 percent for Generation X and 18 percent for baby boomers.
And, according to the accompanying press release, that's a good thing, since "those who put pen to paper with financial plans are more confident, engaged with their wealth and demonstrate more positive saving and investing behaviors than average Americans, scoring above the national overall index average of 49 with a score of 79.
"They also score above the national average across all four sub factors."