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Most "Super Savers" Are Most Influenced by Their Families

August 28, 2018

 

Photo provided by Wix

 

Principal Financial Group is out with a survey about Gen X and Gen Y super savers. According to Principal, a super saver is someone who "deferred 90% or more of the IRS maximum ($16,500-$18,000) to their retirement accounts in 2017."

 

The part of the survey that caught my attention was the factor that influenced super savers the most in their determination to accumulate a lot of money in preparation for retirement. If you guest "parents," you're right. And it's not even close.

 

 

To make these statistics more interesting, let's add up all those influential factors that have anything to do with family. Under this description, I'd include one's spouse (11%), another family member (5%), and "[t]o be a role model for my children" (1%). That pushes family as the top influencer up to 58%.

 

Additionally, one might argue that "[w]atching people struggle with their finances," which comes out to 8% is likely alluding to family members in most cases. Whatever the case, family has an outsized influence, and that's a good thing.

 

One last note. Principal also found that "[n]early three-quarters of 'super savers' (72%) learned nothing or very little about personal finance in school." I would love to see more schools step up their game and become a more valuable resource in serving these students' real world concerns. The family will likely always be the most influential, but that doesn't mean that schools can't make a serious impact in their student's lives.

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