Millennials Significantly Increased Their Savings Last Year

Millennials Significantly Increased Their Savings Last Year

January 30, 2020         Written By Lynn Oldshue

According to the latest Better Money Habits report from Bank of America, Millennials significantly increased their savings in 2019. Among adults age 24-41 with money in savings, 24% have over $100,000 in the bank. That is an increase of 16% from the prior year’s survey.

Nearly three in four (73%) Millennials said they were saving for some sort of life goal. Nearly all (90%) said they would be willing to make sacrifices to reach their financial goals, namely cutting back on dining out. Over half said they had an emergency fund, and three-quarters said they were saving for retirement. The average Millennial started saving at 24 years old, compared to an average age of 30 for Gen X and 33 for Baby Boomers.

Over the last year, Millennials have reported several strong financial strides. The full report from Bank of America shows that 39% of Millennials have improved their credit score in the last year, and 29% received a raise from their employer. Additionally, 27% said they reduced their monthly spending to boost their savings potential.

Despite making solid financial decisions, 76% of Millennials had some form of debt: 40% have auto loans, 25% have student loans, and 37% carry debt on credit cards. Millennials believe this debt hinders them from taking steps for the future, such as buying a nice home (42%) and saving additional money (40%).

The information contained within this article was accurate as of January 30, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

Review LowCards.com Editor’s Top Cards!

2020 Top Credit Cards by Category
Featured Fair Credit Card
Reflex Mastercard® Credit Card
EDITOR RATING
Featured Fair Credit Card
Reflex Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: All credit types welcome to apply!

Featured Low Interest Card
ABOC Platinum Rewards Mastercard®
EDITOR RATING
Featured Low Interest Card
ABOC Platinum Rewards Mastercard®

Applying for this card will securely direct you to the issuer's website.

Top Features: No annual fee; $150 statement credit after spending $1,200 in first 90 days; 0% on Purchases for 12 months

Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card
EDITOR RATING
Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: Reports to all three credit bureaus, perfect credit not required for approval

Featured Bank Account
Unlimited Cash Back Bank Account by Green Dot
EDITOR RATING
Featured Bank Account
Unlimited Cash Back Bank Account by Green Dot

Applying for this card will securely direct you to the issuer's website.

Top Features: Unlimited Cash Back Rewards


lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.