A growing percentage of millennials have absolutely nothing saved
A 2018 Bank of America survey found that 1 in 6 millennials — which BoA defined as those between age 23 and 37 — now have $100,000 or more in savings. That's impressive, considering few Americans can cover a $1,000 emergency. But that stat doesn't tell the whole story: While some millennials are increasingly proving to be savvy savers, many other young people are not making progress at holding onto their cash.
A 2017 GoBankingRates survey found that most "young millennials" — which GBR defines as those between 18 and 24 years old — had less than $1,000 in their savings accounts. Nearly half had nothing saved at all.
To make matters worse, the share of millennials with $0 in savings is on the rise. In 2016, 31 percent had $0, compared to 46 percent in 2017.
This is extremely worrying… what do they do when they are 60+? Do they just carry on working until they die? Savings is all about starting early and putting a little away every month.
I started saving when I was 21 and will be able to retire 5 years earlier already just because I have been saving so long. It's not something you can easily start to do when you are 40+ unless you happen to be in a very well paying job.
See the stats on millennials savings at https://www.cnbc.com/2018/02/09/a-growing-percentage-of-millennials-have-absolutely-nothing-saved.html
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A growing percentage of millennials have absolutely nothing saved Some millennials may have $100,000 in savings, but much of the rest of the generation is still struggling to put money away. |