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Bank of America study shows millennials are doing a good job of stashing away money. Around one of six millennials has at least $100,000 in savings. Nearly half have $15,000. Their habits are nothing to scoff at either, with nearly three of of four millennials creating and sticking to a budget each month.
When it comes financial responsibilities, Millennials are exercising maturity and good planning, according to the Better Money habits millennial report released by Bank of America. Source: New Study Affirms Savings Habits of Millennials
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The average debt rose to $46,622 for ages 26 to 30 and $69,552 from 31 to 35. While 31% of millennials still have student loans, the age differential suggests that it’s not just student loans that are the burden. As millennials buy homes, marry, and establish new families, they take on much more debt.
A new study by Bank of America entitled Better Money Habits Millennial Report recently came to the defense of the generation when it reported that: "Millennials deserve more credit – both from themselves and from others – for their mindfulness when it comes to money and their lives."
A new study by WalletHub used "30 key metrics, ranging from share of millennials to millennial unemployment rate to millennial voter-turnout rate" to find out which states are the ‘Best States for Millennials.’ The Top 5 Best States for Millennials are: Washington, D.C. (also ranks highest in percentage.
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In follow-up research to a November 2014 report on millennials’ financial habits, Bank of America and USA TODAY surveyed 1,000 millennials and 1,005 parents of millennial children to examine the parental influence on the money habits and views of today’s young adults and to understand how these compare among generations. The
Facts on millennials and homebuying. Millennials are renting for a median of six years before buying, compared with a median of five years for renters in 1980 . Millennials are expected to form 20 million new households by 2025 . The median income for a millennial older than 25 is $38,220 .
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The Millennial Lending Crisis Subscribe Now Get Thefor FREE – Sign Up Now Poor job prospects, excessive debt and lack of suitable savings and investing habits have, in the eyes of many observers, put the American dream beyond the reach of many Millennials.