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Can You Ace This Millennial Money Habits Quiz?

All that avocado toast means they can't possibly be saving any money...right? See if your beliefs on millennials and their money habits hold up.

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  1. Correct
    Incorrect
    Less than 50%
    Correct
    Incorrect
    More than 50%
    Correct!
    Wrong!

    More than half

    Contrary to popular belief, millennials aren't frivolously spending all their money. More than half reported that they're saving!

  2. Correct
    Incorrect
    True
    Correct
    Incorrect
    False
    Correct!
    Wrong!

    True

    Similar to older generations, in terms of overall financial well-being, the majority of millennials feel secure.

  3. Correct
    Incorrect
    Outside food/drinks
    Outside food/drinks
    Correct
    Incorrect
    Clothes
    Clothes
    Correct
    Incorrect
    Entertainment
    Entertainment
    Correct
    Incorrect
    Travel
    Travel
    Correct!
    Wrong!

    Outside food/drinks

    Most millennials (46%) reported outside food and drinks as their biggest indulgence, followed by entertainment (23%), clothing (15%), and travel (12%).

  4. Correct
    Incorrect
    True
    Correct
    Incorrect
    False
    Correct!
    Wrong!

    False

    Millennials are actually just as likely as Gen Xers to say they’re saving!

  5. Correct
    Incorrect
    Retirement
    Retirement
    Correct
    Incorrect
    Buying a home
    Buying a home
    Correct
    Incorrect
    Emergencies
    Emergencies
    Correct
    Incorrect
    Travel
    Travel
    Correct!
    Wrong!

    Emergencies

    Millennials are stashing away cash for things like car repairs, health emergencies, and crazy roommate drama.

  6. Correct
    Incorrect
    1/4
    Correct
    Incorrect
    1/3
    Correct
    Incorrect
    1/2
    Correct
    Incorrect
    3/4
    Correct!
    Wrong!

    1/4

    A quarter of millennials are already putting money away for their children’s education.

  7. Correct
    Incorrect
    Almost 50%
    Correct
    Incorrect
    Less than 25%
    Correct
    Incorrect
    Less than 10%
    Correct
    Incorrect
    3 millennials
    Correct!
    Wrong!

    Almost 50%

    Millennials have their eyes on the prize: 47% have $15,000 or more saved, and 16% of millennials have $100,000 or more!

  8. Correct
    Incorrect
    True
    Correct
    Incorrect
    False
    Correct!
    Wrong!

    True

    Despite their relatively strong money habits, millennials are still worried about their financial stability.

  9. Correct
    Incorrect
    Salary/wage
    Correct
    Incorrect
    Not having enough money saved up
    Correct
    Incorrect
    Falling short on rent
    Correct
    Incorrect
    Student loan debt
    Correct!
    Wrong!

    Not having enough money saved up

    One in three millennials surveyed are stressed about not saving enough.

  10. Correct
    Incorrect
    Optimistic
    Correct
    Incorrect
    Pessimistic
    Correct!
    Wrong!

    Optimistic

    Though many seem to believe millennials have bleak expectations for their financial security, the majority (59%) feel secure in their financial future — slightly more so than Gen Xers (54%) and slightly less than Baby Boomers (63%).

Facts from Bank of America. All images via Getty Images/iStock.

Millennials might get a bad rap, but, when it comes to saving and budgeting, they can actually be just as good or better than older generations.

Read Bank of America's Better Money Habits® Millennial Report to get all the facts. You may be surprised!

Paid for by Bank of America, N.A., Member FDIC.

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