Bank of America: 1 in 6 Millennials have savings of $100,000 or more

[Ichifails]

As a millennial not long out of college, I certainly don't have 100k in savings, nor do I know any friends who do.

The perception that Millennials — Americans between the ages of 23 and 37

If you're fresh out of college you shouldn't even fit the lower limit of the study.

[Toogoodman]

Like other people have said two things were not clear. Is it individual savings? (Not a married couple combining their savings) And are they talking only cash liquid? (no investments or retirement)
If they are including investments and retirement I am way over 100K. (prob over 300K) I am 33.

Usually these things are determined with primary residency excluded, but secondary housing included as a wealth.

[ghotihook]

Usually these things are determined with primary residency excluded, but secondary housing included as a wealth.

Would secondary housing count as savings? I have always thought it as in your net worth not savings. Or maybe as in non 401K investments. But I thought savings as in completely liquid cash money in a checking or savings account. Who knows, I could be completely wrong.

[Darkeon]

I find "1 in 6" to be a very hard to believe in number.

[melodramocracy]

Weird, I thought millennials were poor and destitute thanks to those greedy boomers?

[Dekkers]

Must be that crypto money
Bitcoin and Ethereum making everyone rich

[MrKnubbles]

I wouldn’t call 401k a “savings”. It is a retirement fund.
A savings account is a savings account.

And what exactly is a savings account for?

[Toogoodman]

Would secondary housing count as savings? I have always thought it as in your net worth not savings. Or maybe as in non 401K investments. But I thought savings as in completely liquid cash money in a checking or savings account. Who knows, I could be completely wrong.

Ah savings, I thought you were asking in general, secondary residence is a part of net worth.

Savings is comprised of all demand deposits, savings accounts, investment portfolios, and retirement accounts

[satimy]

That’s because nobody is married and the ones that are both work full time jobs and don’t have kids

[Tinykong]

This is a completely irrelevant statistic without income information.

Someone who makes $500-1M a year can easily save $100k. Someone who makes the average income will really, really struggle to have that kind of savings outside of a retirement account.

[Pony Soldier]

Damn I don't even have a quarter of that much. They probably have more self control when it comes to buying things though unlike me. I see something I like, spend like 20 minutes contemplating if I really need/want it, and then I just end up buying it anyway because "It might go sold out I might not be able to find another one like this". It's as if I don't have enough stuff.

I think I'd easily have $30,000 in my bank if I was less of an impulse buyer. Curse you Amazon and Ebay.

[Allybeboba]

And what exactly is a savings account for?

All sorts of things. I bought my first car out of my savings. Then a house.
Then I saved it for my all of my daughters’ education. Saved for home remodeling. Bought my first classic car over 25 years ago. Anything really...

Cheers

[Vizardlorde]

probs the ones whos boomer parents died $$$$$$$$$$

This I've been 2 years in the workforce and I've only stashed around 20k unless they are including 40 year olds as millenials even the more successful ones are probably still paying off school debt.

[Kathandira]

The thing this article lacks, is the break down of how much the rest of the people has saved up.

According to the article, 16% have $100,000 saved, the other 84% has ?????? saved up.

1 out of 6 sounds like a lot of people, but 16% sounds like a whole lot less when you consider the remaining people add up to 84%. The vast majority do not have that kind of money saved, whether it be the youth, the adults, or anyone at all.

[Mosotti]

Millennials: 1 in 6 now have $100,000 socked away

The other 5 are Trump supporters and think they are poor as fuck because of the Mexicans.

[Kathandira]

This I've been 2 years in the workforce and I've only stashed around 20k unless they are including 40 year olds as millenials even the more successful ones are probably still paying off school debt.

Millenials are ages 23-35. Those younger are Generation Y. Those older than 35 are either Gen X or Baby Boomers.

Millenials are full grown adults.

[Phookah]

As a millennial not long out of college, I certainly don't have 100k in savings, nor do I know any friends who do.

Hell I don't know ANYONE with a 100k, millenial or not.

OT: Bullshit statistic is bullshit.

[melodramocracy]

And what exactly is a savings account for?

Leveraging at any time with no penalty? Ie, the exact opposite of a 401k.

[Polyxo]

I'm one of them.

[Coldfrostzero]

I'm almost 31 in the ~$15k category.

Lived with my parents until I was 28 and after I paid off my car at 25 saved my money for about 3 years and bought a house. Lived with my (now ex) girlfriend and still live with a roommate.

Parents charged me rent so I didn't get much help from them other than cheap rent. They aren't rich or good with money anyway. I am pretty sure I have more money then them even, unless you are adding in assets.