The longest bull market in history has helped millennials -- 25% of them have $100,000 or more in savings, according to a new report.
A sizeable number have seen a savings bump in recent years. One quarter of millennials have $100,000 or more in savings, up from 16% two years ago, according to Bank of America’s BAC, -1.94% “Better Money Habits” report, which surveyed nearly 2,000 millennials aged 24 to 41. The bank asked about the total amount of savings, including bank savings/checking accounts, IRA, 401 and other retirement or investment accounts.
That’s an encouraging improvement for this struggling generation, according to the survey. Millennials are saddled with record student-loan debt of $1.5 trillion and many have a hard time affording a first house. In 2015, only 8% of millennials said they had $100,000 or more stashed away for a rainy day. Millennials are also just as likely to budget than both Generation X-ers and baby boomers, the study also found.
“Older millennials are more secure when it comes to their savings, but many others across this broad age-range still struggle to save at all,” said Andrew Plepler, global head of Environmental, Social and Governance at Bank of America. “Debt remains a pressing challenge with competing pressures making it hard for people to feel financially secure.” He added, “Millennials are facing a difficult financial balancing act.
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