Millennials are saving their money, but not for retirement

HOUSTON — Once again, millennials are breaking the mold!

A new Merrill Edge report suggests millennials aren't saving for the future, but for fulfillment instead. Researchers said it is the first generation to plan for financial freedom, instead of retirement.

An estimated 63% of millennials polled say they are saving to live their desired lifestyle, but only 45% of Gen Xers share that same 'fun first' mindset.

On the flip side, 55% of baby boomers said they were saving to leave the workforce, while only 37% of millennials are worried about their golden years.

"Young adults are willing to do whatever it takes to achieve freedom and flexibility— even if it means working for the rest of their lives," Aaron Levine said.

It looks like saving for a rainy day is no longer the way, and living in the now is the wave of the future!