Research and Statistics

Infographic: What’s most financially important when


A new survey shows that for 3 in 10 millennials, putting money into savings is their top financial concern

The editorial content below is based solely on the objective assessment of our writers and is not driven by advertising dollars. However, we may receive compensation when you click on links to products from our partners. Learn more about our advertising policy.

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Please see the bank’s website for the most current version of card offers; and please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

For 3 out of 10 millennials, socking away more savings is their top financial concern, making it the most common priority identified by Americans age 18-34 in a  survey by BMO Harris Wealth Management.

Taking second place among the millennial crowd was paying down debt, which was cited as a top focus by less than a quarter (24 percent) of young respondents.

See related: Infographic: Life is financially fragile for millennials, Infographic: Credit card love from older millennials, More infographics

But among those in the ages 35-54, the two competing priorities flip, with debt reduction surging to critical importance for more than a third of Generation X, at 35 percent, and the focus on saving dropping to 27 percent.

Among both age groups, investing effectively and tax-efficiently scored a third-rank 20 percent.

Moving up the age cohorts, priorities shift again in the baby boomer generation of Americans age 55 and older. There, debt

reduction carries the same weight as among Generation X respondents, at 35 percent.

But instead of saving more, older Americans are shifting their secondary focus to effective investing, with 26 percent citing this as a priority. Meanwhile, only 14 percent indicated saving as a top concern.

BMO’s findings come from an April 2016 survey conducted with an online sample of about 1,000 Americans age 18 or older across the U.S. and in key states Arizona, Florida, Illinois, Indiana and Wisconsin. The results were released Aug. 29.

To use the graphic on your site, use the following code:

<center><a href=””><img alt=” Infographic: What’s most financially important when” border=”0″ src=”” /></a> </center>

What’s up next?

In Research and Statistics

How Clinton or Trump presidency could impact card lending

The winner of this November’s presidential race could affect consumer protection and banking laws

Published: October 7, 2016

See more stories
Credit Card Rate Report Updated: September 18th, 2019
Cash Back

Questions or comments?

Contact us

Editorial corrections policies

Learn more

Join the Discussion

We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

The editorial content on is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company’s business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.