SAN FRANCISCO (KRON) — KRON4 has some new information on millennials and their money-management skills.
It turns out the generation born in the 80s has been getting a bad rap.
The millennials, roughly anyone between 23 and 37, are supposed to be spending all their money on avocado toast and $6 coffees.
But a new Bank of America survey found they’re not so financially irresponsible after all.
The most surprising stat is 16 percent of millennials have managed to save at least $100,000 in 2017.
That’s 1 in 6, twice as many as in the same survey two years earlier.
Almost half have at least $15,000 saved up, up from one-third in 2015.
Fifty-seven percent say they have a savings goal, compared to 42 percent of baby boomers and Generation X’ers.
Millennials do have a significant handciap compared to previous generations.
More than a quarter of them say they work in the gig economy as freelancers or short-term contract workers.
The percentage is even higher among young millennials under the age of 27 and higher still for members of Generation Z, born after 1996.
That means they are less likely to have access to employer-sponsored 401k retirement plans.
Add to this job insecurity. One in 4 millennials has been laid off.
And almost as many expect to have eight or more jobs in their lifetimes.
The upbeat Bank of America survey comes after a much gloomier report by Ameritrade on Generation X.
They were born in the 60s and 70s, and are the next generation due to retire.
Half of them say they’re worried about running out of money if they leave the workforce.
Only one-third say they expect to be very secure in their retirement.
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