Millennials Are Getting Surprisingly Good at Saving

Americans are steadily increasing their savings, but it’s the millennials who are really on a roll. The percentage of 18- to 34-year-olds who saved at least 5 percent of their income increased to 56 percent from 50 percent in 2014, a new report shows. Only the 45-to-54 crowd had a bigger jump on that measure, rising to 53 percent from 45 percent in 2014—also impressive, but they have more money to play with.

The eighth annual America Saves Week survey, put out by the Consumer Federation of America, a nonprofit advocacy group, shows that young people are making progress on multiple fronts: The portion of millennials with a spending plan that allows them to meet their savings goals rose to 39 percent from 34 percent; to 47 percent from 43 percent for those who actually have savings plans; and to 64 percent from 53 percent for those with an emergency fund to cover an unexpected car repair or doctor visit.