When people think of millennials, they don’t think of them as the most financially savvy generation. But that might be giving them a bad rap. Per a recent report from Bank America, millennials are actually saving money, much more money than you might have guessed.
According to the report, 73% of millennials are saving at least some money. 59% have more than $15,000 saved. 24% actually have $100,000 in savings.
What are they saving for? 75% say retirement, 51% are using the cash to build an emergency fund, 42% are saving for travel and 32% are trying to save for a home.
Again, this is good news for those saving, but what about the 27% that aren’t? If you happen to fall into that group we can’t stress how important it is to catch up.
A few ideas to help you get there:
- Start a budget. Here’s our 101 guide.
- Get a little help saving. We have an app that we are pretty obsessed with that can help with this.
- Sometimes, getting a second job can be a big help to help you get ahead quicker.
- Just start saving whatever you can. Don’t wait.
Feature Image: Adam Katz Sinding/Le 21ème