24% of Millennials have $100,000 or more saved

[tvguy]

Just love how one day people have no savings, and the next they say a certain group has a pretty impressive bank account.


https://www.usatoday.com/story/mone...als-1-4-have-100-000-stashed-away/4609015002/

 

[lovin'fl]

They can save when they are still crashing at mom and dad's.

 

[morgan98]

The stock market has also had a pretty good run recently without a large dip. So I would assume that 401k balances are growing at a decent clip..

Not trying to diminish the achievement at all.

 

[lovin'fl]

Yep, our 401K is very very happy. But we're middle aged.

Another reason could be later in life marrying and having kids. My DS turns 23 tomorrow and at his age we were married and expecting him. By 25 we had 3 kids and a house. So no saving for us until way later in life. (and my DS-23 has like $80 but he lives on his own)

 

[Moliphino]

They can save when they are still crashing at mom and dad's.

Yeah, I did have over $100k saved up until I bought a house last month and living rent free with my parents for years enabled me to do it. If you count what's in my 401k, I do still have nearly $100k saved even after the house.

 

[Searc]

That's easy to do when you don't have any bills because Mommy and Daddy are paying for everything.

 

[FlightlessDuck]

Remember that "Millenials" can be as old as 39 this year.

 

[Searc]

Yep, our 401K is very very happy. But we're middle aged.

Another reason could be later in life marrying and having kids. My DS turns 23 tomorrow and at his age we were married and expecting him. By 25 we had 3 kids and a house. So no saving for us until way later in life. (and my DS-23 has like $80 but he lives on his own)

Our DS turned 23 last week and we were similar, were married and had him by the time we were 23 and were homeowners by 25. We didn't have a chance to really start saving until the last 10 years. When I say saving, I am strictly talking about cash reserves, not 401K. That has been done since day 1 with both DH and DS. I don't know what is in his 401k because it isn't any of my business, but I know he contributes the max allowed.

 

[FlightlessDuck]

Our DS turned 23 last week

Your DS is "Zoomer", by the way.

If you believe in generations.

 

[soccerdad72]

Remember that "Millenials" can be as old as 39 this year.

The article even goes as far as saying up to 41. $100K in a 401K by age 40 doesn't seem that unusual.

BTW, the article also goes on to say that 3/4 of millennials also carry some sort of debt (aside from a mortgage).

 

[Searc]

Your DS is "Zoomer", by the way.

If you believe in generations.

Eh. We consider him a Millennial.

 

[RamblingMad]

That’s about $10k a year for ten years. That seems reasonable to me. Most of this generation are either in their 30s or getting there. That’s about what I had. Of course, the stock market has been far more generous to this generation than mine: Gen X. We had ten years of zero growth over the same time frame followed our home prices crashing.

 

[RangerPooh]

I guess this might be possible if you lived with your parents, didn't have to worry about how you were paying for college (little/no student loan debt), didn't have kids, had a good paying job, and lived in an area with cheaper cost of living.

That’s about $10k a year for ten years. That seems reasonable to me. Most of this generation are either in their 30s or getting there.

When put that way, yes it does sound reasonable, provided factors such as a good paying job and cost of living expenses are in your favor.

 

[Brett Wyman]

I mean some millennials are over 35 so this make sense.

 

[Moliphino]

That's easy to do when you don't have any bills because Mommy and Daddy are paying for everything.

Not so easy to do when you have huge student loans starting out, as is also super common for millennials. And even when living with my parents they certainly didn't pay for everything - I bought my own car and paid insurance, paid my own credit cards, paid for all my vacations, contributed to household costs, etc.

 

[Eeyore daily]

Wish I was the millennial they’re describing.

 

[RamblingMad]

[QUOTE="RangerPooh, post: 61502093, member: 93871]
When put that way, yes it does sound reasonable, provided factors such as a good paying job and cost of living expenses are in your favor.
[/QUOTE]

The stock market also grew double digits. And this is only 24% of this population. In that context it’s pretty bad.

 

[siren0119]

The base survey also pulled their data from less than 2000 individuals surveyed ages 18-73. Assuming that the distribution of ages was relatively consistent, that means by their definition of "millenial" (age 24-41), the data represents the responses of about 600+ people total.

BoA sponsored this survey, you always have to consider the source with stuff like this. They have a vested interest in getting people to use financial/retirement planning services, and if people feel good about how they are managing their money, they're more likely to employ these services. I downloaded the actual report, this sentence was in the summary right at the beginning:

"At the same time, we found that 27 percent are not saving at all. And more than three-quarters are weighed down by debt, with one in six millennials owing $50,000 or more, excluding home loans."

So according to their data, 3/4 of millennials are saving, AND 3/4 of them are simultaneously under large amounts of debt. I'm sure a significant portion of that is student loans. Almost 30% of millenials aren't saving at all according to their data, but it looks better for them to say 3/4 are saving.

Survey data can be spun in SO many ways, I would not take this info to be truly representative of the actual truth until I could see exactly what questions were asked, the economic demographic of the respondents, and the geographic data.

https://about.bankofamerica.com/assets/pdf/2020-bmh-millennial-report.pdf

 

[okeydokey]

It's so funny to me how obsessed non-milliennials are with millennials.

 

[siren0119]

It's so funny to me how obsessed non-milliennials are with millennials.

LOL I mean I get why businesses are focusing on the millenial market - they have a huge amount of buying power.