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Millennials are well ahead of baby boomers when it comes to starting to save for retirement, according to a new report.

They also have far more experience- and travel-focused plans for those funds, and they are more comfortable investing in digital currencies to attain them, the report notes.

Compared to baby boomers, millennials start saving for retirement close to a decade earlier, in their mid-20s, Charles Schwab found in a quantitative survey of 5,000 Americans and an analysis of Schwab data and third-party macroeconomic data combined with modeling techniques grouping generations to forecast future attitudes.

At the same time, Schwab predicts that “millennials will be more likely to use their savings to achieve their dream lifestyle and pursue their passions along the way and once in retirement, while boomers and Gen X will aim to continue accumulating wealth during their retirement years.”

Financial advisors with millennial clients may need to take into account some of Schwab’s other projections.

For example, the company believes that millennials, compared to baby boomers and Generation X, are less likely to dedicate time to managing finances and investments once they retire.

And according to the survey, 61% of millennials will prioritize travel, while only 48% are expected to own a home in retirement.

“Nomadic and fast-paced in nature, High-Tech Jetsetters [which represents around 24% to 34% of future millennial retirees] will prioritize travel and be more open to long-term travel than their peers, trusting technology to keep up with friends and family as they move about retirement. Their curious nature, tenacity and commitment to the latest gadgets will carry through into retirement,” Schwab said in a statement.

Meanwhile, 24% of millennials and 19% of Generation X plan to put their money into digital currencies in retirement, compared to just 5% of baby boomers, according to the report.

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