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.
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.
Let me correct that: 1 in 6 millennials have $100k in student loan debt. There; I fixed it. https://t.co/h7cUbsFFb1— Marco-Antonio Hartmann 🖖🏼 (@hartmannpsy) October 21, 2019
1 in 6 millennials has saved up more than $100,000, but that includes the value of their organs.— Matt Nedostup (@nedostup) October 21, 2019
I’m sorry, maybe I’m old and out of touch but there’s no fucking way this is true. Did they only ask the kids on Modern Family? https://t.co/ixVQII5jJH— Matt Braunger (@Braunger) October 21, 2019
So 1 in 6 millennials comes from Old Money yeah we know https://t.co/wJDfUBTkQ6— Lane Moore (@hellolanemoore) October 21, 2019
mild sauce packets from taco Bell or dollars?— Cheech (@ImGunnaBeFrank) October 21, 2019
This would be hysterical if it weren't so patently false.— Tania wasn't a real democrat so she left the party (@taniapdx) October 22, 2019
Pretty sure @cnbc asked millennials for their student loan debt and then used that figure.
Guys, I think they meant if you take 1/6 of all millennials, they have a total of $100k saved up.— Nin10do0014 (@Nin10d0014) October 22, 2019
“1 in 6 millennials have $100,000 saved” pic.twitter.com/TddZ4TKJuc— Jordan Veilleux (@veilleuxwho) October 21, 2019
1 in 6 millennials lying their asses off so hard to some poor surveyor https://t.co/0O98HcjPPt— Bear (@BearUNLV) October 22, 2019
Who are these people!? *takes sip of Starbuck coffee* *dusts off Nike Air Force 1s* *Checks time on iPhone* https://t.co/AUlJj63Ysk— Michelle Castillo (@MishCastillo) May 21, 2018
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?!