A lot has been said about the millennials, including that they might not be the most money-wise generation. But how do they really stack up? PNC in its just-released Millennials & Investing study dug into exactly that, and came away with some pretty interesting findings.
Lots of good news abounds: Two-thirds of respondents said that their parents regularly encouraged them to save. Younger millennials also report learning more about money and investing from their parents than older millennials (in other words, things are moving in a positive direction). And the recession seems to have had had a positive impact on parents, who saw it as an opportunity to teach their kids about money.
Courtesy of PNC Bank
But here’s the bad news: Only 48% report to having an emergency fund of $1,000 or more. That means more than 50% of millennials don’t. And only 33% report to thinking that they are saving enough for the future.
The bottom line is that this generation might be more prepared than future generations, they haven’t been willing or able to save as much as they should.
Wondering how you stack up? Status Money allows you to compare your finances to those of your peers, which might just be the kick in the behind you need to start saving with everything you’ve got.
Image: Adam Katz Sinding/Le 21ème