Millennials are great diversifiers, but poor savers when it comes to preparing for retirement, Wells Fargo said in a report Wednesday.

The company said this trend is accurate, at least among the four million participants in 401(k) plans it administers.

Younger employees have better diversified 401(k)s than their older peers thanks to their strong participation in target date funds and managed account and advice programs, Wells said.

Not surprising, baby boomers, the generation closest to retirement outpaces the much younger millennials when it comes to savings.

Among boomers 44 percent are putting at least 10 percent of their earnings in 401(k)s compared to 28 percent for Millennials.

Interestingly, diversification is less common among workers who have more money to put into different buckets: 78 percent of higher-wage workers are well-diversified compared with 82 percent of lower-paid employees.