New Report Says 1 In 6 Millennials Have $100,000 Or More In Savings
Millennials have been blamed for killing everything from big beer to Applebee’s to cereal to even napkins. However, one thing millennials are not killing is savings accounts. A new report by Bank of America stated that 1 in 6 millennials has $100,000 or more in savings.
There are many stereotypes regarding millennials about being broke because of overwhelming student debt. But it seems that a great number of millennials are actually saving money, and many are saving a significant amount of wealth. Bank of America teamed up with online survey platform GfK to investigate the personal finance situations of Americans. They polled 1,500 people, aged 18-71, during the period of September 22 until October 16, 2017. In the bank’s Better Money Habits Millennial Report revealed that millennials are fiscally very responsible for the most part.