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In
this Sept. 24, 2013, file photo, just cut stacks of $100 bills make
their way down the line at the Bureau of Engraving and Printing Western
Currency Facility in Fort Worth, Texas.(Photo: LM Otero, AP)
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sticking to a financial plan is showing signs of being outdated, noted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.
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Tuesday, January 23, 2018
"Millennials: 1 in 6 now have $100,000 socked away"
From USA TODAY:
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