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Rich Millennial, Poor Millennial

Aaron Webber

Posted on February 13, 2018 12:46

1 user

A new study shows that nearly half of millennials in the USA have $0 in savings. The same report shows that the number of millennials who have significant savings put away has increased. What's going on? Who is to blame? Grab your pitchforks, people. Let's do this.

If you're active on LinkedIn or other financially-focused websites, you've probably seen this Bank of America report released today.

In short, almost 50% of the "millennial generation" have nothing in a savings account. While a growing number of the same demographic have large amounts of savings. The group in the middle is disappearing. So if you're a millennial, statistically you either have a lot put put away, or nothing at all.

What does this mean?

It means that the generalization that millennials are bad at saving is more true than before, but also more false. Sorry to say, but stereotypes exist for a reason. The generalization of twitch-streamers, YouTube millionaires, adults living in mom's basement, and avocado toast with a Starbucks latte seems to have some basis in fact. 

A few charts to highlight the study: