More than half
Contrary to popular belief, millennials aren't frivolously spending all their money. More than half reported that they're saving!
Similar to older generations, in terms of overall financial well-being, the majority of millennials feel secure.
Most millennials (46%) reported outside food and drinks as their biggest indulgence, followed by entertainment (23%), clothing (15%), and travel (12%).
Millennials are actually just as likely as Gen Xers to say they’re saving!
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Millennials are stashing away cash for things like car repairs, health emergencies, and crazy roommate drama.
A quarter of millennials are already putting money away for their children’s education.
Millennials have their eyes on the prize: 47% have $15,000 or more saved, and 16% of millennials have $100,000 or more!
Despite their relatively strong money habits, millennials are still worried about their financial stability.
Not having enough money saved up
One in three millennials surveyed are stressed about not saving enough.
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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