Study shows millennials are saving more for retirement

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Study shows millennials are saving more for retirement. Alicia Vitarelli reports during Action News at 6 a.m. on October 28, 2017. (WPVI)

A new study finds that millennials are on track to retire with the most money in the bank, according to the finance website Nerd Wallet.

They also have time on their side, allowing them to take advantage of compounding, which means earning interest on top of interest.

At the moment, millennial parents are putting aside ten percent of their yearly income, while gen x-ers are saving eight percent and boomers just five.

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