Research at the University of Kansas shows that young people who start saving early are more likely to keep saving as they age, the university said in a statement Monday.
In a series of reports written for KU’s School of Social Welfare, assistant professor Terri Friedline described how she analyzed data drawn from a large nationally representative survey of American families dating back to 1968, the university statement said. The reports are available online.
Friedline studied data from 2002 to 2009 involving young people who averaged age 17 in the beginning of the study and 23 at the end. Those who had savings accounts to begin with maintained them, diversified their nest eggs by investing in different things, and saved more than those who did not start with accounts, the statement said.