Millennials deserve more credit than many think. As society’s misjudgments of that generation may grow, so do Millennials’ savings.
While the avocado toast lovers are accused of laziness and fiscal irresponsibilities, a new survey by Bank of America found these stereotypes are simply untrue. It turns out, Millennials (people aged 23 to 37) are more in tune with their finances than older generations think.
In fact, one in six Millennials now have savings of $100,000 (~133,000 CAD) or more.
While 16 per cent of Millennials have six figures saved, another 47 per cent of American Millennials have about $15,000 (~20,000 CAD) in savings.
The bank’s 2018 “Better Money Habits Millennial Report” also found 63 per cent of Millennials work to save money. The majority say this savings is for an emergency, 49 per cent say it’s for retirement and 33 per cent tuck money away to buy a house.
But don’t be too hard on yourself if you’ve misjudged the upcoming generation. Because they also misjudge each other.
Almost three-quarters of Millennials surveyed think its generation overspends on unnecessary indulgences.