Gen Z saving the most of any generation

Newsweek -  Many people try to put money aside each month, whether it's for a new car, or maybe a down payment on a house. But a recent poll has revealed which generation is the savviest when it comes to saving. The poll, conducted by Talker Research between January 15 and January 20, asked 1,000 Americans of varying ages how much of their paycheck they save each month.

The results show that 29 percent of overall respondents save between 1 and 10 percent of their monthly income, while an equal proportion don't save a dime. When respondents were categorized by age, there was a clear divide between younger generations and their older counterparts.

Indeed, 21 percent of Generation Z (people born between 1997 and 2012) save between 1 and 10 percent, and 25 percent save between 11 and 20 percent each month. In addition, 12 percent of Gen Zers manage to save around 21 to 30 percent of their monthly wage. Perhaps most interestingly, 5 percent of Gen Zers save their entire monthly salary, higher than any other generation in the poll.

Millennials (people born between 1981 and 1996) weren't far behind Gen Z, as 30 percent save up to 10 percent of their paycheck, and 24 percent save between 11 and 20 percent. However, 26 percent of millennials save nothing each month, compared to 16 percent of Gen Z.

Perhaps unsurprisingly, not saving anything was highest among older generations. None of the respondents from the Silent Generation (people born between 1928 and 1945) put money aside, and 32 percent of Baby Boomers (people born between 1946 and 1964) don't save money. Additionally, 33 percent of Generation X (those born between 1965 and 1980) don't save any money.