How Saving When You’re Young Impacts Your Overall Wealth

Half of American adults started 2022 with a desire to boost their savings. That admirable intention could prove easier for those who developed good savings habits at a young age

How Saving When You’re Young Impacts Your Overall Wealth

If you start saving at the age of 5

– End-of-year amount deposited: $365.00 – Amount returned: $0.00 – Total end-of-year wealth: $365.00

By age 6 (1 year of savings)

– End-of-year amount deposited: $730.00 – Amount returned: $29.20 – Total end-of-year wealth: $759.20

By age 12 (7 years of savings)

– End-of-year amount deposited: $2,920.00 – Amount returned: $962.37 – Total end-of-year wealth: $3,882.37

By age 25 (20 years of savings)

– End-of-year amount deposited: $7,665.00 – Amount returned: $10,739.37 – Total end-of-year wealth: $18,404.37

Swipe Up To Find Out How Much Savings They Would Accrue!