Millennials are apparently not following the news according to a white paper recently published by researchers from Vanguard. In fact they are going against recent reports saying that the generation is equity-averse and not saving enough for their retirement.

“The auto savings generation: Steering millennials to better retirement outcomes” report shows that, for millennial participants aged between 18 and 34, there has in fact been an increase in their saving rate and equity allocations for defined contribution plans over the past decade. The report also highlights that, despite the recession, Vanguards automatic plan design, as well as the increasing uptake in target-date funds, is placing millennials in an enviable position when it comes to potentially even taking early retirement.

The innovation of automatic retirement plan enrollment has led an increased participation by millennials in 401(k) plans with the numbers now far higher in 2013 than that of their counterparts in 2003. It also shows that automatic enrollment has also led to 87 percent of millennials taking advantage of the retirement plan offered by their workplace, which is an increase of an astonishing 70% when compared to a decade ago.

The report points to the fact that the growing participation is also a result of the ongoing improvement and adjustment of defined contribution plans as this is the first generation with full access to auto-enrollment plans from the moment they start work. In general, there has been an overall improvement for 2013 as even older generations are taking advantage of the new plan designs, with millennials showing the strongest increase.

According to Vanguard, the millennial 401(k) deferral rate now averages 3.6 percent for voluntary enrollment plans, but jumps to 4.2 percent for automatic enrollment plans, over a full percent increase compared to 2003. For plans that are matched by the employer, the average contribution rates for millennials goes up to 5.1% for voluntary enrollment plans and 6.6% for automatic enrollment plans in 2013, significantly higher than 2003.

“Automatic plan design features and the rise of target-date funds are reshaping retirement plan outcomes for all generations,” said Jean Young, the author of the paper and a senior research analyst with the Vanguard Center for Retirement Research. “These innovations are by far having the greatest and most positive impact on the retirement savings of millennials.”