In January 2018, USA Today published a story about Millennials, but it's probably not what you may think. According to the story, a Bank of America survey shows that 16% of Millennials have savings of $100,000 or more — that's double the number of young people who reached this milestone in 2015!
Even more impressive, 54% of Millennials have a budget — and 73% of them are actually sticking to their monthly budget.
And what are Millennials saving for? Well, 64% said that saving for an emergency fund was their top priority; 49% are saving for retirement and 33% are saving to buy a house.
One challenging area for Millennials is access to employer-sponsored retirement plans like 401(k)s. This is because 1 in 4 Millennials work in the gig economy. So those individuals have to be even more disciplined with their investing and savings habits.
Still, the data is refreshing and encouraging overall. So to all the Millennials out there, I tip my hat to you and happily say, go Millennials!
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