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.
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