Study Shows Generation Y Is Financially Smarter Than Boomers

Young people seem to be participating more often than before in corporate retirement plans and contacting financial planners more than they used to. They are paying down credit-card debt faster than their elders. According to a March survey by TD Ameritrade, young people today begin saving at an earlier age than their parents did. Members of Generation Y, defined as those born from 1977 through 1989 (now aged roughly 23 to 35), reported starting to save for retirement at age 24, on average. Gen X, born between 1965 and 1976, started at age 28.

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