Study Shows That One-In-Six Millennials Have $100,000 Saved
Here’s some shocking news: millennials apparently have a lot of money. According to a recent Bank of America Survey, 16 percent of millennials have $100,000 or more in savings. Millennials are…
WASHINGTON, DC – MAY 20: Newly redesigned $100 notes lay in stacks at the Bureau of Engraving and Printing on May 20, 2013 in Washington, DC. The one hundred dollar bills will be released this fall and has new security features, such as a duplicating portrait of Benjamin Franklin and microprinting added to make the bill more difficult to counterfeit. (Photo by Mark Wilson/Getty Images)
(Photo by Mark Wilson/Getty Images)Here's some shocking news: millennials apparently have a lot of money. According to a recent Bank of America Survey, 16 percent of millennials have $100,000 or more in savings. Millennials are defined as those between 23 and 37 years of age.
Bank Of America also brings up the fact that millennials are more likely than other generations to ask for raises. They are also expected to hold at least eight jobs in their lives.
Other interesting takeaways from this survey: 47 percent of millennials have $15,000 or more in savings, 73 percent of millennials stick to a budget, and 67 percent of millennials who have savings goals stick to them almost every month.
Bank of America lastly adds that despite their excellent saving habits, millennials think negative stereotypes about their generation - like they overspend or they are bad at managing money - are true.
