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Gen Xers and millennials are more likely to save than boomers.

2 minute read

Americans are looking to be a different kind of fit this year, financially fit.

A CIT Bank survey found that two-thirds of Gen Xers and 54 percent of millennials plan to save more this year. All age groups — including baby boomers — put saving for emergencies as their top financial priority this year.

Just a few years ago, paying off credit card debt was the biggest resolution. But now, as many Americans are recovering from major recession debt, they’re looking to save any extra cash they get.

The CIT Bank survey found that there’s a big generational divide on who is saving right now. Savings is not the big priority for baby boomers, as only 27 percent of them say that saving is their New Year’s resolution. Millennials are more than twice as likely to make it their resolution.

Wanting to save and actually doing it aren’t the same thing. Younger generations are more likely to put ideas into action when it comes to saving, which could explain why they are more likely to save this year than their older relatives. Almost 40 percent of millennials have a savings account with a bank, while only 21 percent of baby boomers do (35 percent of Gen Xers do, too).

Millennials are actively looking for ways to save in other areas, too, not just putting money away. While 16 percent of baby boomers are looking for ways to lower interest rates on their loans, 41 percent of millennials are doing the same.

When it comes to tracking spending and saving, millennials are more likely than their Gen X and baby boomer peers to use software, apps, and tech tools: 32 percent of the younger generation versus 21 percent of Gen Xers and 7 percent of boomers.

Want to save? Start now

Financial resolutions aren’t new; they come at a time when lots of people reflect on their lives and want to make changes. Sometimes they can be difficult, which means they’re too broad, too specific, or not realistically attainable.

Most Americans are setting financial goals this year, which is a good sign that we’re becoming more aware of how to manage our money. Many times, simply making the resolution gives us the confidence we need to be better at handling our finances, regardless of whether we actually achieve the goal.

Resolutions don’t need to be as much work as you might think they are. It can be as easy as putting your coffee shop cash away for a big emergency, using your change to save for a vacation, or making your own lunch every day so you don’t dine out. Everyone’s goals are different for their lifestyles and families. But here are some that you may want to take on.

While sticking to resolutions can be difficult, reminding yourself of the payoff might be what keeps you in line. Some people need the extra boost to stop unnecessary spending, paying off debt, build up savings, and live debt- (and debt stress-) free.

Don’t be so hard on yourself if you don’t hit your goals, but make sure your goals are reasonable and within reach. You are the only one who can do it — no one else can.

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About the Author

Dori Zinn

Dori Zinn

Dori Zinn is a full-time freelance journalist based in Fort Lauderdale, Fla. She’s president of Blossomers Media, Inc., a web development and online media consulting company. Along with her work on, she’s been a longtime freelancer for Money Talks News — a personal and consumer finance website — and South Florida Gay News — the largest weekly LGBT newspaper in the South. Zinn has written for a variety of other publications, including Huffington Post, The Week, Quartz, Fort Lauderdale Magazine, Indulge, and

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