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Generation X leads the nation in saving money, demonstrating a clear inverse relationship between age and essential expenses ratio. With an annual average savings potential of $27,200, Gen X far outpaces millennials and Gen Z, according to a new study by The Kaplan Group.
This suggests that individuals tend to manage their expenses more efficiently as they age, said the report. The trend of decreasing essential expense ratios with age is most favorable for the 55-64 age group, who have an essential expense ratio of 83.8%. Those under age 25 have a high essential expense ratio of 91.9% and are more likely to struggle to manage expenses effectively, said The Kaplan Group.
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