In general, young people are putting off saving for the future. Just 31 percent of millennials are contributing to a retirement account, for example.
But one sub-group of millennials is out-performing not just their peers but also all other generations when it comes to retirement savings: millennial parents.
According to a new survey from NerdWallet, parents aged 18 to 34 are contributing the expert-recommended 10 percent of their annual income to their retirement savings. Generation X parents — those aged 35 to 54 — are contributing a median of eight percent. Boomer parents, defined as 55 and older, are setting aside even less: five percent.
"Despite being earlier in their careers and having lower incomes, [millennial parents are] saving considerably more than conventional wisdom gives them credit for," NerdWallet reports.
Their higher savings rate means bigger nest eggs and could even set them up to retire with $1 million more than boomer parents and $400,000 more than Gen X parents.