A Foolish Take: Millennials Are More Frugal Than You Think

A seemingly endless number of reports assert that millennials are spendthrifts with poor saving habits. It's an image that people have broadly come to accept: In a recent Merrill Edge survey, only 8% of respondents saw millennials as "very good savers" -- compared to 54% for seniors, 45% for Baby Boomers, and 19% for Gen Xers.

Yet that same survey revealed millennials are actually saving more money than older generations, in terms of the percentage of their annual incomes they set aside.

Data source: Merrill Edge. Chart by author.

Source: Fool.com