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1 in 6 Millennials Have at Least Six Figures Saved

Survey suggests generation's financial plight isn't as bad as thought
By Newser Editors,  Newser Staff
Posted Jan 23, 2018 7:00 PM CST
Updated Jan 24, 2018 12:52 AM CST
1 in 6 Millennials Have at Least Six Figures Saved
   (Getty/Choness)

(Newser) – Millennials might not be in the dire financial straits that many assume. A new Bank of America survey shared with USA Today finds that a decent number (16%) already have a solid nest egg of six figures, and most are following a savings plan. Five key findings from the survey follow:

story continues below

  • 1 in 6 (16%) have at least $100,000 saved, double the percentage from 2015
  • About half (47%) have at least $15,000, up from 33% in 2015
  • Nearly 2 in 3 (63%) say they are saving, about the same as Generation X (64%) and less than Boomers (75%)
  • More than 1 in 4 (26%) work in the gig economy with short-term work, meaning they are largely out of luck in terms of 401ks and such
  • 60% feel "financially secure," though the top stressor (35%) is not being able to save enough
Click for the full story and more findings. (Read more millennials stories.)

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