The media have typecast an entire generation of millennials as frivolous spenders, but one subset is outstripping previous generations in saving for retirement: millennial parents.
A recent NerdWallet survey even called parents age 18 to 34 "supersavers."
"Despite being earlier in their careers and having lower incomes, they’re saving considerably more than conventional wisdom gives them credit for," Arielle O'Shea wrote for NerdWallet.
The analysis of more than 2,000 American adults found that millennials contribute a median of 10 percent of their income to retirement savings. For Generation X (age 35 to 54) that falls to 8 percent. Baby boomer parents (55+) came in at a median of 5 percent.
If each generation maintains those rates from age 26 to 67, millennials' higher savings rate would put them $1 million richer than baby boomer parents when they retire.
The survey also looked at non-parents and found they often fall short compared to people with children to support.
Examine the whole survey here for more details on what each generation reported sacrificing to save for retirement.
