Here’s How Much Money Each Generation Saved in 2024 — How Do Your Savings Compare?

Core Insights - In 2024, Americans saved an average of $7,460.94, falling short of their goal of $8,505.89, with Millennials saving nearly double the average [2][4] - Different generations exhibited distinct savings behaviors, with Millennials leading in savings amounts and strategies [7][8] Generation-Specific Savings - Generation Z saved an average of $6,164.67 in 2024, while Millennials saved $12,004.87, Generation X saved $7,463.17, and Baby Boomers saved $3,466.13 [7] - In terms of retirement savings, Millennials saved $24,600, Generation X saved $69,600, and Baby Boomers saved $98,200, indicating a significant difference in retirement planning across generations [8] Factors Influencing Savings - Millennials have adapted their savings strategies due to economic challenges, focusing on flexibility and lifestyle funding rather than traditional retirement models [5][4] - The shift in savings behavior reflects a broader trend of redefining financial success and security among younger generations [5] Implications for Financial Health - Millennials' proactive saving habits serve as a model for others aiming to enhance their financial well-being, emphasizing a flexible and goal-oriented approach to savings [9]