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Millennials are Saving for a Rainy Day

More millennials are saving for a rainy day, according to a new report by Bank of America.

In a survey of 2,000 millennials aged 23 to 37, one in six had $100,000 or more saved up, while 47% had at least $15,000 or more in savings — a significant jump from 8% and 33%, respectively, in 2015, according to MarketWatch. The results are a promising improvement for a group that grew up during the financial crisis and has been burdened by student debt, USA Today notes. Yet, Fortune points out that evaluating the savings of a generation that finds itself at vastly different stages of their careers is problematic and may not capture the full picture.

The top financial “stressors” of Millennials, according to the survey, include:

  • Spending more than I should
  • My career path
  • Not planning and saving for retirement
  • Not being able to afford a home
  • Health costs
  • Student loans
  • Credit-card debt
  • Losing my job

The publication also says that previous studies generated far more dismal findings about millennial saving habits.

Read more about this study and visit our website to learn about our services including budgeting, strategic planning, and more.

Contact kristin@nonprofitresources.us for more information.

Nonprofit Resources

Nonprofit Resources

Nonprofit Resources was formed with the idea that all nonprofits, large or small, need and deserve a professional staff at an affordable price. Incorporated in 2007, we're grounded in the experience of President Kristin Bennett’s 27 years as an Executive Director, and built as a team of specialists to serve all types of nonprofits. Nonprofit Resources employs all levels of executive, program, and administrative staff with a broad range of experience to meet your needs.

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