Millennials Are Losing Their Minds Over A Report That ‘1 In 6 Millennials Have $100,000 Saved’

Millennials Mad About Report 1 In 6 Millennials Have 100000 Saved


According to many millennials, a report tweeted out by CNBC this week that claims “1 in 6 millennials have $100,000 saved” is a little far-fetched.

CNBC based their report on a Bank of America survey which claimed 16 percent of millennials, people between the ages of 23 and 37, have $100,000 or more in savings.

This information flies in the face of many other reports like the one that cited a survey showing many millennials are living paycheck to paycheck. Which would help explain why there are a record number of people late on their car loans these days.

Not that millennials are all innocents in this state of economic affairs. A significant portion of them have some very questionable spending habits.

According to CNBC, the median earnings for Americans between 25 and 34 years old is $40,352, so having $100K in the bank by age 37 puts one ahead of the recommended target of three times your annual salary saved by age 40.

If those numbers – median earnings: $40,352 and $100,000 in savings by age 37 – don’t seem to add up to you, well, you are not alone.

I am guessing these people doing aren’t part of the unrealistically optimistic group that think they’re going to be millionarires by the age of 45.

Also there’s this…

So, which is it, CNBC?!