Millennials' saving habits help debunk stereotype

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Though sometimes portrayed as moochers living off their parents, young adults are actually saving more money than other age groups. CBS News' Jill Schlesinger shows us how millennials are faring when it comes to preparing for their financial future.
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The stock market can kiss my... we know the game and we’re not playing it. Besides I got other places I can invest and get a lot more. I may have to work more but it’s better.

Surge
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Were millennials in Singapore and Hong Kong to save 5 to 10% of their monthly salary, they would be in serious trouble, what with the skyrocketing prices of homes and cars, unless of course they have the fortuitous banks of Moms and Dads to fall back on! In this regard, American millennials are more fortunate than their counterparts in this part of the world where private 'shoebox' apartments average a million US dollars or thereabout! Asian millennials have to save over 50% of their monthly income just to pay for a home with a 35 year mortgage! By the way, a car in Singapore typically cost more than a home in an American suburb! This why most Singaporeans live in public housing, take public transport and do not own a car which comes with a costly 10 year certificate of entitlement.

stchew