Despite their lack of retirement savings, a new survey finds that Millennials feel more financially secure than any other age group.
Not only do Millennials — those between 18 and 29 years old — feel more secure in their jobs and more optimistic about their current financial situation than any other age group, but they are twice as likely to feel more secure than those 65 years old and older, according to the Bankrate survey.
The good news is that Americans who are saving are starting earlier. Twice as many 30-to-49-year-olds started saving in their 20s as opposed to their 30s. But those between 50 and 64 were only slightly more likely to have started saving in their 20s than their 30s, and Americans 65 and older were almost evenly split between starting in their 20s, 30s and 40s.
Other findings include:
• While job security, net worth and overall financial situation are all areas in which Americans note improvement over one year ago, there are twice as many Americans less comfortable with their savings (compared with one year ago) as those that are more comfortable.
• By gender, men's feelings of financial security slipped, while women noted improved financial security since last month. However, men still note improved financial security compared to one year ago while women still feel a slight deterioration.
• Republicans and Independents were more than twice as likely to feel less secure than Democrats, and people in suburban and rural areas are twice as likely to feel less secure than people living in urban areas.
