Bank of America study shows millennials are doing a good job of stashing away money

WCPOPublished: February 13, 2018
Published: February 13, 2018

Millennials have been labeled lazy, self-serving, technology-addicted and careless spenders. But a recent study by Bank of America may help break down those stereotypes. Turns out this age group -- classified in the study as those between 23-37-- is turning away from meaningless spending, and instead stashing money away for the future at surprising rates. Around one of six millennials has at least $100,000 in savings. Nearly half have $15,000. Their habits are nothing to scoff at either, with nearly three of of four millennials creating and sticking to a budget each month. But millennials themselves don’t even realize how well they are doing, according to the survey’s perception studies. “Seventy-three percent of millennials say their generation overspends, and 64 percent believe that their generation is bad at managing money,” Bank of America revealed, demonstrating the significant disconnect between millennials’ generational self-image and reality. According to Fortune, which further analyzed the study’s statistics, about 1,500 people were surveyed, broken down into “older millennials” (ages 28-37) and “younger millennials” (ages 23-27). The statistics included any money the millennials had stocked away in Roth accounts, 401ks, checking and savings accounts, and all other investments and retirements accounts.

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