Okay if you’re like me, you’re scratching you head about this headline.
Cues Scooby Doo grunt of confusion.
According to USA TODAY, one in six Millennials (or 16 percent) now have a savings amount of $100,000 or more. That’s double the amount of young folks who saved that much three years ago.
The survey was conducted by Bank of America and clears up the perception that Millennials (those who fall between the ages of 23 and 37), are not savvy and money conscious when it comes to saving for retirement and other emergencies.
According to the survey, “despite many of these young Americans coming of age a decade ago during the worst financial crisis since the Great Depression […], Millennials appears to be getting their financial lives in order and taking money matters more seriously.”
Other key findings of the survey include:
- 63 percent of respondents surveyed said they were actively saving
- 54 percent of respondents say they have a budget
- Nearly three-fourths or 73 percent say they stick to their monthly budget
- 57 percent of respondents report have a “savings goal”
“Despite stereotypes of Millennials as being foolish with money and not long-term planners,” they are actually behaving ‘quite responsibly’ when it comes to money, Andrew Plepler, global head of environmental, social and governance at Bank of America, told USA TODAY on Tuesday. “They deserve more credit. Millennials are actually doing better than you — and they — might think.”
Roughly 60 percent of respondents of the survey reported feeling “financially secure.” 64 percent reported that saving for an emergency was a “top priority” while 33 percent said saving to buy a house was among their top savings goals.
“Their financial habits have become more disciplined,” Plepler says. “They’ve built it into their lifestyles.”
Well it looks like these fine habits are paying off.