Good News: Millennials Are Saving More Money Than You Would Think

Ashley Rogers
February 6, 2020

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:

  1. Start a budget. Here’s our 101 guide. 
  2. Get a little help saving. We have an app that we are pretty obsessed with that can help with this.
  3. Sometimes, getting a second job can be a big help to help you get ahead quicker.
  4. Just start saving whatever you can. Don’t wait.

Feature Image: Adam Katz Sinding/Le 21ème