Significantly more millennials are socking money away and one in four have $100,000 saved.
Of millennials with savings, three-quarters are saving for retirement, more than half are building an emergency fund and one-third are saving to buy a home, according to the survey. Homeownership is an even bigger goal for younger generations. Of those with savings, 41% of Gen Z and 40% of younger millennials are saving to buy a home.
To be sure, more than half of all millennials say they feel behind financially compared to where they thought they’d be despite financial success.More than three-quarters of millennials carry debt. Excluding home loans, one-in-six of millennials owe $50,000 or more. The types of debt millennials are dealing with include: auto loans , credit card debt , mortgages , student loans , personal loans and medical debt .
Financial security still feels far away for some. Seventy-five percent of millennials aren’t confident about their current financial situation, and 73% aren’t optimistic about their financial future.Planning and saving for retirement Saving for a child’s education To combat this, many millennials have made trade-offs to make it all work, including lifestyle changes and personal sacrifices.
Many worry their peers are doing better than them, but experts say millennials' financial habits and prospects continue to improve. “The establishment of good money habits early does pay off over time,” Plepler says. “The more you can establish a strong financial hygiene earlier in your career, the more stability you’re going to have throughout the highs and lows of an economy.”
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