Millennials are saving more than you think

Source: Realtor Mag

Millennials have been stereotyped as a generation that lacks savings or money management skills. But the data isn’t backing that up.

Sixteen percent of millennials ages 23 to 37 have $100,000 or more in savings, which is double the number of young people who had that much stowed away in 2015, a newly released survey from Bank of America shows. Nearly half—or 47 percent—have $15,000 saved, up from 33 percent in 2015.

Millennials came of age during the Great Recession and the financial crisis. They’ve faced high levels of student loan debt. But still, the survey shows that many are getting their financial lives in order, and home buying is increasingly on their to-do list.