Here’s How Much Money Each Generation Saved in 2024 — How Do Your Savings Compare?
Written by
Caitlyn Moorhead
Edited by
Ashleigh Ray
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
In a year filled with economic uncertainty, Americans still found ways to save. Whether driven by caution, opportunity or long-term planning, savings habits varied widely across age groups. From Gen Z to Baby Boomers, each generation approached 2024 with different financial strategies and outcomes. Here are some key savings and wealth statistics broken down by generation.
Americans Saved Over $7,000 on Average — How Did You Do?
According to New York Life’s 2025 New Year Outlook Wealth Watch survey, Americans set out to save $8,505.89 on average in 2024 but ended up saving an average of $7,460.94. Millennials saved almost double what the average American saved and over $4,500 more than their closest generation group.
Here’s how much money each generation saved in 2024. How did your 2024 savings measure up?
- Generation Z: $6,164.67
- Millennials: $12,004.87
- Generation X: $7,463.17
- Baby boomers: $3,466.13
Retirement Savings by Generation
All savings are great, but not all are created equal. One of the biggest pieces of your financial plan should be where and how you are saving for retirement.
In a 2025 report titled, “Empowering America’s Financial Journey,” Empower examined public 457(b), 401(a), 401(k) and 403(b) plans that they administered and revealed just how much their participants were able to put away in 2024. Here’s a closer look at the average retirement account balances for each generation:
- Generation Z: $7,500
- Millennials: $24,600
- Generation X: $69,600
- Baby boomers: $98,200
Why Millennials Are Saving More
Millennials have faced multiple financial challenges, or rather “once in a lifetime” economic disasters. From recessions to a competitive job market, financial uncertainty has shaped their approach to money. Many entered the workforce during a time when employer-sponsored retirement plans began offering automatic enrollment, helping them build savings early.
Unlike older generations who often relied on pensions, millennials are saving with flexibility in mind. Their approach focuses on funding lifestyles and passions rather than traditional retirement models. This shift reflects a broader trend toward redefining financial success and security.
Final Take To GO: What This Means for Your Savings Goals
Millennials’ proactive saving habits offer a blueprint for others looking to boost their financial health. Whether you’re just starting out or planning for retirement, adopting a flexible, goal-oriented savings strategy could help you stay ahead, or at least give you a cushion of emergency savings.
David Nadelle contributed to the reporting for this article.
More From GOBankingRates
