4 things millennials are doing right with their money

About 32% of millennial survey respondents have zero credit-card debt , while about 36% have less than $5,000.
And millennials who save for retirement put more of their monthly income toward retirement savings than any other generation.
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Millennials as a group may be delusional about the future , but some are making good decisions with their money today.

Generally, many millennials have little to no credit-card debt, put a portion of their income toward retirement, and have a savings account, according to an INSIDER and Morning Consult survey. Of the 4,400 Americans polled , 1,207 identified as millennials, defined as ages 22 to 37 (237 respondents did not select a generation). The margin of error was plus or minus 1 percentage point.

Below, check out a few of the ways millennials are smart with their money, according to responses to our survey:

1. They have a savings account

About 69% of millennials have a savings account, compared to 65% of Gen Xers, according to the survey.

But while the existence of a savings account is inherently positive, it's nothing without consistent contributions. A whopping 58% of millennials have under $5,000 in a savings account, about 19% have between $5,000 and $15,000, and 11% have between $15,000 and $50,000.

Many financial planners recommend a high-yield savings account over a traditional savings account for an emergency fund or other short-term need. The best high-yield online savings accounts are offering an annual percentage yield (APY) between 2% and 2.5%, and many come with no fees and low minimum deposits.

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2. They have little to no credit-card debt

Millennials seem to know that keeping a balance on their credit cards isn't going to make for a good credit score . About 32% have no credit-card debt at all a greater share than Gen Xers (28%). Of the millennials who do have debt, a plurality (36%) have under $5,000.

It might make sense that Gen Xers, who are older and presumably have more expenses, tend to be more likely to have credit card debt, but in this survey the oldest millennials are 37 and people's 30s tend to come with houses, kids, pets, and all the expenses that are no longer limited to Gen X.

Two smart strategies to pay off credit-card debt , according to financial planners , are the debt snowball and the debt avalanche. The former prioritizes paying off the smallest debts first, while the latter prioritizes paying off the highest-interest debt first. Either method is effective, so the best approach may be to pick the one you can commit to.

3. They would use a $1,000 windfall to pay off debt or save

Given an extra $1,000 cash, 27% of millennials (representing the plurality) would choose to pay off debt, while 22% would save the windfall, according to the survey. Only 6% would put it toward travel or shopping.

This is good instinct, as financial planners typically suggest stamping out debt with high interest rates first and foremost, even before saving for retirement or another financial goal. Carrying a balance on a credit card can erode your credit score, plus fees and high interest rates can continually add to the overall debt load.

According to the survey, the millennials not using the windfall to pay off debt or save say it would go toward outstanding bills (17%), necessities (12%), or an investment (9%).

4. They put more of their income toward retirement than Gen Xers

Even though 52% of millennials don't have a retirement savings account, the ones who do are serious savers. According to the survey, nearly 16% of millennials set aside 11% to 20% of their income for retirement more than any other generation. About 5% of millennials the same share as Gen X save more than 20% of their income for retirement.

A plurality (33%) put away between 1% and 10% of their income for retirement, which is a fine place to start. Experts recommend increasing savings rates annually or every time you get a raise.

One of the easiest ways to build wealth is through automatic and consistent contributions, starting with a retirement account. The contributions to a 401(k) or IRA are pretax, so the money will be taken out of your paycheck before it even hits your bank account. Many employers will match contributions up to a certain percentage or dollar amount. It's basically free money, but you won't get any of it unless you're already contributing something on your own.

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4 things millennials are doing right with their money

1. They have a savings account

2. They have little to no credit-card debt

3. They would use a $1,000 windfall to pay off debt or save

4. They put more of their income toward retirement than Gen Xers

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