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 may be compensated if you take action with any of our affiliate partners.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue
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