Americans saved an average of $5,011, with millennials reporting the highest overall savings
Gen Z adults are more savings-focused for several reasons, Schmitt says. Having grown up very close to older relatives — including silent generation grandparents and great-grandparents — who experienced economic hardship, Gen Z has seen first-hand the impact of poor financial management and economic crises.
Millennials also reported having significant credit card debt in 2022, with an average balance of $5,927.75. , potentially paying down student loan and credit card debt … but doing so with a more holistic lens."In 2022, Gen Xers reported the lowest overall savings of $3,998.11. Gen Xers also reported the highest average credit card debt of any generation in 2022, with an average balance of $7,004.07.
Boomers also reported an average of $6,784.64 in credit card debt, slightly lower than that of their Gen X counterparts.
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