Boomers Looking Forward

The future is about planning ahead, whether you want to build equity in your home or save for tuition, forward thinking is paramount. And it would seem more American’s are becoming concerned with their future.

According to a recent report by Bankrate.com, Americans are saving for retirement more than they have in the last six years. The survey, which was conducted by Princeton Survey Research Associates via telephone asked over 1,000 adults found that 23 percent of adults across all generations have started upping their savings game in the past 12 months.

Twenty-one percent of Baby Boomers said they’ve increased the amount of money they’re putting away, which isn’t surprising considering that a good majority of them are unwilling to sell their house for fear that low inventory and rising prices will cost them in the long run. So, why not hunker down and save? Last year, only 16 percent of Baby Boomers said they were saving extra money to retire with.

Millennials are also stashing money in the bank—27 percent said they were saving for retirement in 2017 compared 20 percent in 2016, which could be due to rising home prices and a shortage of homes on the market. Gen Xers saw the biggest decline in savings: only 20 percent said they were saving for retirement this year compared to 26 percent last year, the highest amount across all generations. In 2017 only 13 percent of the Silent Generation said they were saving for retirement, a figure which is down from 19 percent a year prior. Only 5 percent of Americans polled said they haven’t saved anything for retirement in the past two years, which is the lowest figure in the past six years.

Generally, though, most people are looking toward the future. “Working Americans are increasing their retirement savings more and more as the economic recovery continues,” Greg McBride, Bankrate’s Chief Financial Analyst, said.

“Whether by saving the same percentage of higher earnings or a higher percentage of the same earnings,”