Whenever we read or write about millennials, the conclusion usually is that they are a completely different breed from preceding generations. This may be true in some areas, but when it comes to money they’re just like you.
What does this mean exactly? Well, millennials are broke and can’t save money, much like most Americans.
According to a recent survey from HowMuch.net, a personal finance website, more than half (52 percent) of millennials have less than $1,000 in savings. But this is less than the 62 percent of Americans overall who have less than $1,000 in savings.
Indeed, U.S. millennials have the same deplorable saving habits as their older peers. However, researchers note that this has more to do with the paucity of time and money instead of behaviors. Essentially, once they get older and obtain steady jobs then they’ll start saving more.
Here is one revealing statistic: more than half of older millennials (25 to 34) have more than $1,000 in savings. This suggests that millennials are beginning to allocate a portion of their paycheck into a rainy day fund. With age comes fiscal prudence.
MarketWatch opines:
“It’s true that millennials are skittish when it comes to investing, a natural outgrowth of watching their parents lose their savings during the Great Recession, so their savings may not exactly be working for them. But they’re building toward that often-elusive financial goal espoused by personal finance experts of having at least three to six months-worth of living expenses tucked away in an emergency fund. Nearly one-fifth of all millennials (18%) have between $1,000 and $5,000 saved, 16.5% have more than $20,000 in the bank, 7.3% have between $5,000 and $10,000 and 6.4% have between $10,000 and $20,000 saved.”
Yes, these special snowflakes like to splurge on $5 lattes each day and spend their time at expensive restaurants in order to take pictures of their meals and share them on Instagram. But they still face the same realities as everyone else. Everyone needs to pay the rent and put groceries on the table.
–AM
Yoh’, Einstein! So like, what’s going to happen when so many snowflakes stop spending at said establishments??? Can’t just keep ‘PONG’n back and forth with the Bipolar Schitzo wishy-washy-nomics suggestions whenever it suits.
“…Save!- No wait, I didn’t say save really to such extremes. I mean, come on… spend a little- uh, a little more please… No, wait. I didn’t say that much. What’ wrong with you people? Can’t you JUMP only when Simon sez?…”
Any questions???
Lol! The special little individually unique snowflakes will rule what looks like all the same white snow to mainstream marketing monkeys on steroids, desperate for consistent crowd sourced volume consumption- waste creation in value growth terms. Goofy, two-faced market monkeys. Lol…