When it comes to managing money the right way, most of us turn to our elders—our parents, grandparents, someone…anyone…who’s gone through the financial trials and tribulations that come with age. Though, apparently if you’re a millennial your peers might be a better resource.
According to the Better Money Habits Millennial Report from Bank Of America, millennials are just as good as, and in some cases better than, Baby Boomers and Generation Xers when it comes to handling their coin.
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The survey queried 1,500 participants aged 18 to 71 about various views on personal finance and millennials—defined as being ages 23 to 37 in the survey—scored the highest.
“Millennials deserve more credit—both from themselves and from others— for their mindfulness when it comes to money and their lives,” said Andrew Plepler, Global Head of Environmental, Social and Governance at Bank of America, in a statement about the survey.
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Nevermind those awful stereotypes about this generation shoving aside adult responsibilities in favor of buying the latest gadgets and jumping from job to job. This generation can budget. Out of any other group, millennials are most likely to set savings goals. They also feel more financially secure than any other group.
Sixty-three percent have some kind of savings system, whether for a rainy day or an emergency fund. Generation X came in just a percent higher at 64 percent. Forty-seven percent of millennials have more than $15,000 saved, an amount that rose by 33 percent since 2015. While 16 percent have saved up at least $1000,000 or more in savings, an amount that rose by 8% over three years.
“Millennials deserve more credit – both from themselves and from others – for their mindfulness when it comes to money and their lives,” said Pepler in a statement. “Let’s not forget, many millennials entered the workforce during the most severe economic downturn since the Great Depression. However, they seem to have weathered the storm quite admirably.”
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