We are compiling our research based on the World bank Findex data (a worldwide consumer survey). We operate with data for the USA for a group of young adults (age 15-24) and older adults (25+) for 2011 and 2014. Here are some facts regarding saving and borrowing for college:
Millennials are definitely saving more than older adults: 82.5% of people aged 15-24 saved any money in 2014 vs. 74.1% for an age group 25+
About half of Millennials are saving to pay for education and school: 56.8% of people of age 15-24 said that they saved for school in the past year.
56.5% people of age 15-24 borrowed any money in 2014, which is more than older adults did. What is confusing is that only 19.3% of them said that they borrowed for school or education. It looks like they borrow mostly for consumer purposes.
Based on the observations we can conclude that young generation definitely understands the need for college savings and they are taking necessary steps to save more money. Another question is if that savings are enough to pay for growing college fees.