What are renters’ savings priorities? We asked these questions and more in our quarterly renter survey.
We found that renters currently saving for all listed goals in the survey place a higher priority on saving money for an emergency/unexpected expense (59 percent), retirement (51 percent) and children’s education (50 percent) than a down payment on a home (39 percent) or a vacation (26 percent). They also indicate that they are behind in saving for those things.
Looking across generations, Millennial renters are more likely to be saving for short- and long-term goals than Boomer and Gen X renters. For example, Millennial renters are more likely to be saving for a major purchase (92 percent) and a vacation (94 percent), when compared to Boomers (82 percent and 81 percent respectively) and Gen Xers (77 percent and 75 percent respectively).
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