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Millennials are pushing back against the stereotype that their money management skills are lacking, as 16% now have savings of $100,000 or more, double the amount of young people who had socked away that much in 2015, according to a new Bank of America survey.
The perception that Millennials — Americans between the ages of 23 and 37 — lack savvy when it comes to saving for retirement, budgeting and setting up and sticking to a financial plan is showing signs of being outdated, noted the survey, made available exclusively to USA TODAY.
We have a number of millennial children, relatives, and neighbors, and I can tell you that they are all about the money.
All put off having children in order to get established in their careers, pay off college loans, buy a home, ... and all understand compound interest with retirement accounts they've been paying into since they graduated from college.
We have a number of millennial children, relatives, and neighbors, and I can tell you that they are all about the money.
All put off having children in order to get established in their careers, pay off college loans, buy a home, ... and all understand compound interest with retirement accounts they've been paying into since they graduated from college.
I guess they are the first generation to enter the workforce in a time when pensions no longer exist, and who see older generations enter retirement age with nothing in the sock. Lot of boomers blew it big time when it came to planning for the future.
Like any stereotype, there is a kernel of truth in the thinking about millennials. However, I do believe some of them are very successful and thrifty, just as some of them are not.
We have a tenant renting our basement apartment. She's 24 and didn't major in something like feminist dance theory, but rather became a laboratory scientist. Her boyfriend however, is an 'artist', having majored in silkscreen art. Want to guess who pays?
I guess they are the first generation to enter the workforce in a time when pensions no longer exist, and who see older generations enter retirement age with nothing in the sock.
None of them are in careers that include pensions and none place any faith that their retirement savings will be supplemented with Social Security benefits.
Our kids have watched our family live below our means (and complained about it ), and other than a penchant for expensive coffee, do the same.
One of their major concerns is how to protect themselves from another Wall Street scam like the one ten years ago that ate up a third of a lot of retirement savings.
One of their major concerns is how to protect themselves from another Wall Street scam like the one ten years ago that ate up a third of a lot of retirement savings.
Actually I did so well out of the crash that I'm actively planning for the next one.
Greed is good again and all the warning signs are there once more.
When you live long enough you get to see these things come around fairly regularly.
Of course they do. They all live with their parents rent free!!
None that I know.
They all are buying homes worth $300K+.
One just bought a million dollar condo in Boston.
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), and other than a penchant for expensive coffee, do the same.