Greta Neubauer makes the cover of Time magazine
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Millennials are pushing back against the stereotype that their money management skills are lacking, as 16% now have savings of $100,000 or more, double the amount of young people who had socked away that much in 2015, according to a new Bank of America survey.
The perception that Millennials — Americans between the ages of 23 and 37 — lack savvy when it comes to saving for retirement, budgeting and setting up and sticking to a financial plan is showing signs of being outdated, noted the survey, made available exclusively to USA TODAY.
Despite many of these young Americans coming of age a decade ago during the worst financial crisis since the Great Depression and despite being saddled with high student loan debt, Millennials appear to be getting their financial lives in order and taking money matters more seriously.
Sixteen percent say they have $100,000 or more in savings, up from 8% in 2015. And nearly half (47%) have $15,000 socked away, up from 33% in 2015.
"Despite stereotypes of Millennials as being foolish with money and not long-term planners," they are actually behaving "quite responsibly" when it comes to money, says Andrew Plepler, global head of environmental, social and governance at Bank of America, summarizing the findings of the bank's 2018 Better Money Habits Millennial Report released Tuesday. "They deserve more credit. Millennials are actually doing better than you — and they — might think."
About two of three (63%) of Millennials surveyed say they "are saving," which is in line with 64% of Generation X but shy of 75% of Baby Boomers who set money aside.
More importantly, 54% of Millennials say they have a budget, with nearly three of four (73%) saying they stick to the budget each month. And another 57% say they have a "savings goal," which is higher than the 42% of Gen Xers and Boomers who say they are saving with a goal in mind.
“I have to apologise,” an unusually contrite pope told reporters aboard the plane returning to Rome from a week-long trip to Chile and Peru, saying he realised he had “wounded many people who were abused”.But, in the latest twist to a saga that has gripped Chile, Francis said Barros, who is accused of protecting a notorious paedophile, would remain in his place in the diocese of Osorno because there currently was no credible evidence against him.
“I apologise to them if I hurt them without realising it, but it was a wound that I inflicted without meaning to,” he said. “It pains me very much.”
Francis said on the plane: “I know how much they (abuse victims) suffer in hearing the pope say to them ‘bring me a letter with the proof,’ I realise that it is a slap in their faces, and now I realise that my expression was an unfortunate one”.In his comments on the plane, the pope disclosed that Barros had offered to resign twice in recent years but Francis rejected the offers.
“I can’t condemn him because I don’t have evidence and because I am convinced he is innocent,” Francis said.He said Barros would remain in his place unless credible evidence is found against him.
“What incentive will victims have to come forward when even if the courts and the Vatican have said they are right, in the end the pope says they are pure lies?” he said in an telephone interview.