So apparently there’s millennials out here with major cash stored in their bank accounts.
Bank of America recently did survey where participants self-reported their answers. According to the survey, 16 percent of millennials have $100,000 or more in savings. In other words, 1 in 6 millennials are making it rain.
Despite all of this, there’s still 35 percent that say they’re not saving enough, 20 percent that say they can’t afford a home, and 26 percent that say they work in the gig economy. Let’s also not forget the Pew Research Center reports that say more millennial households are in poverty than households headed by any other generation. So to be clear, everybody isn’t out here ballin’.
The Bank of America survey also went up to 37 years old for their definition of millennials, so this might change the outlook as well. But hey, if you got money in the bank, kudos to you! Let’s schedule that dinner date real soon. All on you, of course.