Not good at managing money. Likely to overindulge at Starbucks. Always going to brunch. There are many different stereotypes about Millennials (the group of people currently between the ages of 23 and 37), but studies continue to show the most popular beliefs about this group, especially when it comes to money, may be completely inaccurate.
A Bank of America report from Winter 2018 found that nearly half of Millennials have $15,000 or more saved, and one in six has more than $100,000 in savings. This age group is also more likely to set savings goals – and actually meet them — than other generations. What are they saving for? Their top priorities are saving for emergency funds (64 percent), retirement (49 percent) and to buy a house (33 percent). Nice work!
Some other key takeaways of this report:
— Nearly three-quarters of Millennials who have a budget stick to it every month or most months.
— More than two-thirds of Millennials who have a savings goal stick to it every month or most months.
—Nearly a quarter of older Millennials are already saving for their children’s education.
One other interesting finding from the Bank of America report is the fact that Millennials tend to believe the hype about them. They also feel their generation is not particularly good at planning for the future, saving money, and keeping spending under control. However, looking at these numbers, it seems this generation is well on the way to financial security. They definitely deserve more credit than they are getting.
There is so much valuable information in this report. Click this link to take a closer look!