Millennials Are Saving More Than You Think

Millennials have been stereotyped as a generation that lacks savings or money management skills. But the data isn’t backing that up.

Sixteen percent of millennials ages 23 to 37 have $100,000 or more in savings, which is double the number of young people who had that much stowed away in 2015, a newly released survey from Bank of America shows. Nearly half—or 47 percent—have $15,000 saved, up from 33 percent in 2015.

63 percent of millennials surveyed say they are saving, compared to 64 percent of Generation X and 75 percent of baby boomers. Fifty-four percent of millennials say they have a budget; 60 percent say they “feel financially secure.” The top priorities for their savings: in case of an emergency (64%), retirement (49%), and buying a house (33%).

Source: “2018 Better Money Habits Millennial Report,” Bank of America (Winter 2018) and “Millennials: 1 in 6 Now Have $100,000 Socked Away,” USA Today (Jan. 23, 2018)