Millennials are already better at managing their money than many older people give them credit for being — and in some ways more responsible than many older people, period. Many of them could even retire richer than Baby Boomers and members of Generation X.
That's according to financial website Nerd Wallet, which conducted a survey of more than 2,000 U.S. adults aged 18 and older, of whom 1,112 are parents, to find out about their retirement savings habits. Of the respondents, 1,677 say they are saving for retirement.
The good news: "Despite being earlier in their careers and having lower incomes … millennial parents may be out-saving parents of every other generation in terms of retirement," the survey says.
And, if they keep pace with their current savings habits, they could retire with $1 million more than Baby Boomer parents and $400,000 more than Gen X parents.
According to the survey, of employed parents currently contributing to retirement funds, 38 percent of millennials contribute more than 15 percent of their annual income, compared with 24 percent of Gen X and 23 percent of Boomers.
Nearly half of millennials contribute around 10 percent, compared to 8 percent and 5 percent for Gen X and boomers, respectively.