SAN FRANCISCO–A new survey has found 16% of Millennials say they have at least $100,000 in savings, which is double the amount of younger people who said they had saved a similar amount just two years earlier.
According to the survey conducted by Bank of America, nearly half (47%) of Millennials, defined as Americans between the ages of 23 and 37, have at least $15,000 in savings put away, which is 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, said Andrew Plepler, global head of environmental, social and governance at Bank of America, in a statement that accompanied the findings of the bank's 2018 Better Money Habits Millennial Report. "They deserve more credit. Millennials are actually doing better than you — and they — might think."
The survey also found:
- 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.
- 54% of Millennials say they have a budget, with nearly three of four (73%) saying they stick to the budget each month.
- 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.
- 60% say they "feel financially secure."
- Of those with savings, “an emergency” was the top reason cited, followed by retirement (49%) and to buy a house (33%).
As to be expected, not everything is rosy. Many Millennials expressed money-related angst in the survey. The top financial "stressors" of Millennials include:
- Not saving enough (35%)
- My career path (24%)
- Not planning and saving for retirement (21%)
- Not being able to afford a home (20%)
- Health costs (19%)
- Student loans; spending more than I should; credit-card debt; not having enough to invest; losing my job (17% for all)