How much are Gen. X, Z and millennials really saving? Insights on income saved or invested regularly

Wealth Managers already know that the importance of regular savings and investments cannot be overstated. However, the figures for income saved or invested by Gen. X, Z, and millennials show a mixed bag of results. Let's dive into the key findings and what they mean for long-term financial health.

Saving habits of younger generations

Contrary to popular belief, a good proportion of Gen. X, Z, and millennials are making strides in their savings efforts. This is promising, but let's break down the numbers further:

• 21% of respondents save up to 5% of their income
• 16% manage to save 6-10% of their earnings
• 9% save over 20% of their income

However, the most striking statistic is this:

26% of those surveyed save nothing or less than 1% of their income.

While the survey results show that many are on the right track with their savings, there's still a significant opportunity for financial education and improvement. By focusing on consistent savings and investments investors set themselves up for long-term financial success.

Like the old Chinese proverb “The best time to plant a tree was 20 years ago.?The second best time is now.” the same goes for saving and investing.

How can a wealth managers help their clients improve saving and investment habits?

Well, they can deliver personalised financial education. This could be in the form of tailored workshops and resources to address the unique financial challenges and goals of each generation. Or they can leverage new technology to improve their tech stacks, that deliver a modern client experience that makes saving and investing more accessible, and engaging for tech-savvy generations.

Invessed's role in improving savings and investments of clients

Invessed's platform helps wealth managers with their mission to boost AuM among Gen. X, Z, and millennial clients. By offering real-time progress tracking and customised reporting, Invessed enables wealth managers to provide a more engaging and transparent service. The platform's ability to integrate educational resources and facilitate seamless communication helps bridge the knowledge gap and keeps clients motivated. With Invessed, wealth managers can create a more interactive and personalised experience, making their client's investment journey more accessible and engaging.

By leveraging the Invessed platform, wealth managers can provide a more transparent and effective service to their Gen X, Z, and millennial clients, ultimately helping them to save and invest more consistently. Take a look at the linked survey below for more information.

Defining Wealth for a New Generation survey