RELATED: 11 Ways Frugal People Save Money Without Making It Obvious<\/a><\/strong><\/p>\n The boomer believes it’s best to have $100,000 saved by the time you turn 30.<\/strong><\/p>\n For the baby boomer, the answer was fairly straightforward.\u00a0“Ideally, by the age of 30, you should have at least $100,000 in the bank,” she said, a response that embodies the typical baby boomer’s attitude toward prudent savings and financial stability. This generation, having experienced economic growth and stability, strongly emphasizes having a hefty ‘nest egg’ by this age.<\/p>\n The millennial believes it’s best to have $5,000 saved by the time you turn 30.<\/strong><\/p>\n In sharp contrast from the boomer, the millennial’s response reflected her generation’s financial struggles.\u00a0<\/p>\n “I think it would be nice to have maybe like $5000 saved,” she said.\u00a0<\/p>\n Her statement echoed the reality of many millennials who graduated during the economic recession of 2008<\/a>. The beginning of their financial journey was filled with instability, which undoubtedly affected one’s mindset on how much wealth they could accumulate and save.<\/p>\n The Gen Zer believes it’s best to have between $60,000 to $250,000 saved by the time you turn 30.<\/strong><\/p>\n The Generation Z respondent provided an ambiguous, albeit optimistic, perspective.\u00a0<\/p>\n “Probably like $60,000. Like $250,000,” she said, adding, “I always heard growing up that it should be about like 20% of a payment for a house.”\u00a0Her response illustrates Gen Z’s more optimistic view of their financial futures compared to millennials.<\/p>\n Interestingly, the millennial woman brought attention to a key variable often overlooked in discussions about personal finances. She pointed to the significant role location and cost of living play in a person’s ability to save.\u00a0<\/p>\n “It’s really not a fair question because where do you live?” she asked.<\/p>\n RELATED: 11 Phrases People Say That Reveal How Much Money They Really Have<\/a><\/strong><\/p>\n Experts suggest having at least one year of your annual salary saved by age 30.<\/p>\n According to investment firm Fidelity<\/a>, exactly how much you should have saved by the time you turn 30 depends on your income. Not everyone makes the same amount of money each year and everyone’s cost of living is different, so there’s no one-size-fits-all amount for a nest egg. However, retirement experts at Fidelity suggest having at least a year of your annual salary set aside by age 30, including the amount in your savings, any retirement funds such as 401Ks or Roth IRAs, and other investments.<\/p>\n Each generation clearly has a different perception of saving, in large part shaped by the economic times they grew up in. According to\u00a0Finder’s Consumer Confidence Index<\/a>, Gen Z sets aside an impressive average of $857 per month. In stark contrast, their Millennial counterparts manage to squirrel away a comparatively modest $294 each month. These numbers reflect the Gen Z woman’s nest egg goal of $250,000, while the millennial would be happy with just $5,000.<\/p>\n On top of that, a 2022 report from the\u00a0Transamerica Center for Retirement Studies<\/a>\u00a0finds that baby boomers save $673 on average per month. Again, this number makes sense with the baby boomer’s view of saving less money than Gen Z. And according to North Bay Business Report<\/a>, a 2022 survey found that both Millennials and Gen Zers changed their view on saving during the pandemic.<\/p>\n \u201cSome people had more cash because they weren\u2019t going out, they weren\u2019t going on vacation,\u201d Rita Assaf, Fidelity\u2019s vice president of retirement products, told\u00a0CNBC Make It<\/a> in 2022. \u201cBut especially with the market being choppy and [high] inflation, I think this group is just thinking, \u2018Why should I build up a retirement plan right now?\u2019\u201d<\/p>\n In addition to pandemic-related economic setbacks, younger generations are also struggling with student debt, inflation and stagnant wages, making it that much harder to realistically\u00a0have\u00a0$100,000 in savings as proposed by the Boomer woman.<\/p>\n![\"how](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2025\/09\/how-much-money-have-saved-age-30.png\" "\\"how")
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