There’s a multitude of data, trends, and surveys demonstrating that us millennials are inept at this personal finance thing. The number of millennials living at home with their parents has skyrocketed by 20% in the last 20 years. People born in the 1980s are more broke than those of any other decade. Millennials don’t tip. Gen Zers aren’t any more personal finance saavy, as studies suggest they are more worried about affording an epic travel experience than paying off student loans.
Ok, we aren’t exactly doing snow angels in hundred dollar bills but we’ve also never had the opportunity to get a blue collar job for a few years and throw money down on a house, right DAD?!
Regardless, any time a study comes out about the financial health of Americans, I’m interested to see where my broke ass stacks up. The folks over at MagnifyMoney used data from the Federal Reserve and the Federal Deposit Insurance Corp. (FDIC) to determine the average and median household balances in several types of banking and retirement savings accounts.
Want to hear a depressing stat? Ok. The top 1 percent of households by income have a median savings of $1.1 million in variety of saving accounts.
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The bottom 20 percent have zero savings accounts and the second lowest 20 percent income earners have just $26,450 saved.
Some other stats from MagnifyMoney:
- The average American household savings account balance is $16,420
- The average American household has $9,750 in checking accounts
- The average American household has $144,560 in one or more retirement savings accounts, including individual retirement accounts (IRAs), 401(k)s and other types of retirement accounts.
- Millennial households have saved an average of less than $25,000, Gen Xers have about $125,000 saved, while baby boomers have saved nearly $275,000.
Check out the entire study over at MagnifyMoney.
[h/t NY Post]