New Study Concludes What Most Of Us Already Know.. We Broke As F**k

[The M.I.C.]

Most Millennials Have Less Than $1,000 In Savings, Live Paycheck-to-Paycheck

The majority of millennials are living paycheck to paycheck.

A recent survey of millennials by HowMuch.net found that 51.8% of those aged 18-34 have less than $1,000 held between bank accounts and cash savings.

As Visual Capitalist's Jeff Desjardins notes, this echoes previous data we’ve seen – not just on millennials, but Americans in general. For example, we know that 14% of Americans have “negative” wealth. We also know that 62% of Americans don’t have emergency savings that could cover a $1,000 hospital visit or a $500 car repair.

Taking that into consideration, let’s dive deeper into this more recent millennial data...

YOUNGER VS. OLDER MILLENNIALS
The broad survey data can be further divided into “younger” and “older” millennial segments: those aged 18-24, vs. those between 25-34.

Based on the survey question, an intuitive expectation would be that younger millennials are much more likely to have less than $1,000 in savings. After all, many of the people in this group would still be in school, and many are struggling with student debt.

However, the difference is far less than one may expect. While it is true that 57.6% of the younger demographic has less than $1,000 in savings, the older group is not much better off with almost half (47.1%) of them being in the same boat. This shows that many millennials in their late 20s and early 30s are still not able to generate substantial savings.

MALE VS. FEMALE MILLENNIALS

There is also a significant divide between male and female millennials here, with 56.7% of females having less than $1,000 in savings. Compare this number to the male percentage of 46.5%, and it is clear there is a substantial divide between genders.

Lastly, males are also more likely to have a substantial amount stored away in their bank account. According to the survey, 21.5% of males have more than $20,000 of savings, while only 11.9% females can say the same.

What y'all say?

 

[Londilon]

cause of college loans

 

[semtex]

if I looked in CHECKING and saw less than 1000 I'd hop off a sky scraper. Less than 1000 in SAVINGS? I'm slittin my throat on the way down

 

[BaldingSoHard]

I didn't know millenials were up to age 34.

 

[Art Barr]

Why do millenials act like they are not enduring the great recession?


Art Barr

 

[Remote]

So men are twice as likely to have $20k saved up?

I thought the ladies were better money managers.

 

[The M.I.C.]

So men are twice as likely to have $20k saved up?

I thought the ladies were better money managers.

 

[The M.I.C.]

I didn't know millenials were up to age 34.

'82 is generally the accepted starting point for the millennial generation.

 

[Disclosure]

I didn't know millenials were up to age 34.

millenials have been "up to age 34" for the last 5 years. I guess being a millenial is something you age out of like the army draft?

 

[SoulController]

lmfao @ the females

thats pretty sad at the end of the day tho, our generation is day-to-day. hospital visit/unexpected expense=debt

 

[Morose Polymath]

if I looked in CHECKING and saw less than 1000 I'd hop off a sky scraper. Less than 1000 in SAVINGS? I'm slittin my throat on the way down

Don't talk like this breh, thats CAC behavior.

 

[Heafcliffe]

Imma use this when I teach.....

 

[Gully Bull]

Why do millenials act like they are not enduring the great recession?


Art Barr

When the fukk did you start posting one sentence posts

 

[The M.I.C.]

When the fukk did you start posting one sentence posts

 

[WaveMolecules]

how does this compare to previous generations?

you telling me Bobby Smith from Cleveland had over 1000 saved in 1954?