Study Finds Fewer Than 50% of Millennials Have $1000
If you don’t have much money in your bank account, you’re not alone. According to recent data, a majority of millennials have less than $1,000 in savings.
But wait: Before you shake your head at the poor financial habits of young people, consider some of the numbers. It’s true that 52 percent of millennials have less than $1,000 in savings. Among Americans of all ages, though, a whopping 62 percent lack savings of more than $1,000 — so really, members of our generation are more or less in step with our older peers.
Related: How Government Spending Contributes to Youth Unemployment
Apparently, then, a lack of financial resources seems to be pretty normal, though that doesn’t make it any less alarming. There are several possible reasons why we don’t save like we should.
- One reason is that we’re paying such high amounts of student loan debt that we simply don’t have much left over to roll into a savings account.
- Youth joblessness is certainly a factor.
- After so many of us watched our parents lose money in the recession, we’re understandably jittery about formal investment.
Read the article “Study Finds Fewer Than 50% of Millennials Have $1000” on generationopportunity.org.