Millennials saving more money and saving it earlier

Man stands at desk, writing on notepad, desktop computer to his left Bank of America reports that 73% of Millennials (those aged 24-41) are saving money. This is a 10 percentage point jump from 2018.

In 2018, only 47% of Millennials had $15,000 or more in savings, now it’s 59%.

Twenty-four percent have more than $100,000 in savings, a 8% increase from 2018’s 16%.

Bank of America also reports that Millennials are saving for retirement earlier than previous generations. Millennials start building their retirement funds at an average age of 24, where Gen X started at 30, and Baby Boomers started at 33.

However, Millennials are still battling financial hardships in numbers that prior generations have not. Most Millennials are strapped with debt, with 76% owing debt and 16% owing more than $50,000.

For more information on financial stereotypes about millennials, get “100 Questions and Answers About Gen X and 100 Questions About Millennials” is available in one double guide from Amazon or the Front Edge Publishing bookstore.

— By Wells Foster

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