Author Topic: 16% of Millennials Saved $100,000  (Read 5107 times)

Bicycle_B

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ender

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Re: 16% of Millennials Saved $100,000
« Reply #1 on: January 23, 2018, 11:44:17 AM »
I'm relatively surprised tbh.

acroy

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Re: 16% of Millennials Saved $100,000
« Reply #2 on: January 23, 2018, 11:45:08 AM »
For all the stereotypes Millenials are not all that different. they may delay 'adulting' a few more years but the ones with drive are doing fine and the rest will learn.

Not that long ago the everyone was worried sick about the GenX. And we're busy kickin ass.

ScreamingHeadGuy

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Re: 16% of Millennials Saved $100,000
« Reply #3 on: January 25, 2018, 11:34:32 AM »
I guess 16% of a generation "getting it" is an improvement.  (Still a low number, but probably higher than X and boomers percentages at a similar time in their lives.)

Off the Wheel

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Re: 16% of Millennials Saved $100,000
« Reply #4 on: January 25, 2018, 11:55:29 AM »
I'm relatively surprised tbh.

Me too. Not because millennials are lazy no good yadda yaddas, but because millennials are still quite young, and dealing with high student loans, high real estate and rent in many places, and low earnings. I fit into that boat, but definitely feel rarer than 1 in 6 in my peers. Though maybe that's because money is still not too talked about... or because I'm a unique snowflake.

MrsWolfeRN

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Re: 16% of Millennials Saved $100,000
« Reply #5 on: January 25, 2018, 12:29:17 PM »
These kinds of articles tend to cherry-pick ages of who is a "millennial", since there is no consensus as to which birth years count.

trollwithamustache

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Re: 16% of Millennials Saved $100,000
« Reply #6 on: January 25, 2018, 12:43:50 PM »
This sort of makes sense... This is why the financial services industry complains when millennials dare not use financial advisors like their parents!  All that money not being paid in fees, the horror!

Seriously, as a generation they were given terrible advice on student loans and then whammered with a recession. its not surprising the response is more savings.  It may not be in the stock market and it may have more crypto than grandpa's 100k of savings... but I'm not overly outraged by that.

bacchi

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Re: 16% of Millennials Saved $100,000
« Reply #7 on: January 25, 2018, 01:26:25 PM »
These kinds of articles tend to cherry-pick ages of who is a "millennial", since there is no consensus as to which birth years count.

Yep. They don't show an age graph but I would hope that most 37 year olds have at least $100k invested.

I doubt many 23 yo millenials have $100k since a lot have just left college. Besides, isn't a 23 yo considered part of Gen Z?

mrteacher

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Re: 16% of Millennials Saved $100,000
« Reply #8 on: January 25, 2018, 01:42:22 PM »
At first I thought this was surprising and good. Now, I'm not so sure.

I know 30 is an arbitrary number, but I wonder what percentage of that 16% is over 30 v. under 30, given the wide range of ages that make one a millennial. 

One of the statistics that makes not feel as good is that 53% have less than $15,000 saved. I may be wrong, but I am assuming that that number does not include the negative net worth of student loans.

Chip Stacker

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Re: 16% of Millennials Saved $100,000
« Reply #9 on: March 30, 2018, 04:12:54 AM »
Over the last 5 years that they've been using the term, "Millenial," the age range has doubled to include myself. I can't even make fun of them anymore.

Enigma

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Re: 16% of Millennials Saved $100,000
« Reply #10 on: March 30, 2018, 04:57:46 AM »
I went ahead and tried to do some more research on where the numbers were coming for for the usatoday article.  TBH I am still skeptical.  I am 38 and had I been 37 that is where the upper millennials caps out at.  So it appears to be 1980 is defined by millennial.  Still an interesting read.  Then again I am 'So Much Sexier ONLINE' (🎵Online, Brad Paisley🎵)

https://bettermoneyhabits.bankofamerica.com/content/dam/bmh/pdf/ar6vnln9-boa-bmh-millennial-report-winter-2018-final2.pdf

Online survey....
For the purposes of this report, millennials are defined as ages 23-37, with younger millennials ages 23-27 and older millennials ages 28-37
First BoA commissioned a survey of 1,500 respondents, ages 18-71 years old
Then... An augment sample of approximately 2,025 additional interviews was also included to bring the millennials found in the national sample up to 300 completes each in six DMA markets

2Birds1Stone

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Re: 16% of Millennials Saved $100,000
« Reply #11 on: March 30, 2018, 05:00:40 AM »
Anyone with a smartphone is a millennial, including my grandpa.

thd7t

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Re: 16% of Millennials Saved $100,000
« Reply #12 on: March 30, 2018, 09:13:57 AM »
Pew research gave an official cutoff, earlier this year:

http://www.pewresearch.org/fact-tank/2018/03/01/defining-generations-where-millennials-end-and-post-millennials-begin/

So, there!  No more debate, right?!

Bicycle_B

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Re: 16% of Millennials Saved $100,000
« Reply #13 on: March 30, 2018, 09:25:39 AM »
Excellent article - thanks for posting.

Nicholas Carter

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Re: 16% of Millennials Saved $100,000
« Reply #14 on: April 11, 2018, 12:23:27 PM »
At first I thought this was surprising and good. Now, I'm not so sure.

I know 30 is an arbitrary number, but I wonder what percentage of that 16% is over 30 v. under 30, given the wide range of ages that make one a millennial. 

One of the statistics that makes not feel as good is that 53% have less than $15,000 saved. I may be wrong, but I am assuming that that number does not include the negative net worth of student loans.
It probably isn't included in the sense that it's not [=savings-student loans] but consider:
I'm in a position where, in the last four months, I could have increased my savings by about 6,000 USD. I currently only have 3,000 USD in savings, and almost all of that was acquired last year. Why? Because in the last four months, I've put the difference into paying off my student loans early, and hope to have them finished before I turn 30.

Cali

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Re: 16% of Millennials Saved $100,000
« Reply #15 on: April 14, 2018, 04:29:55 PM »
Anyone with a smartphone is a millennial, including my grandpa.

I thought anyone who likes avocado was a millennial.

It's hard to keep it all straight. LOL!

Hirondelle

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Re: 16% of Millennials Saved $100,000
« Reply #16 on: April 15, 2018, 01:14:51 AM »
Anyone with a smartphone is a millennial, including my grandpa.

I thought anyone who likes avocado was a millennial.

It's hard to keep it all straight. LOL!

So not everyone with a smart phone likes avocado?!

I'm a red panda

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Re: 16% of Millennials Saved $100,000
« Reply #17 on: April 15, 2018, 01:26:36 AM »
Pew research gave an official cutoff, earlier this year:

http://www.pewresearch.org/fact-tank/2018/03/01/defining-generations-where-millennials-end-and-post-millennials-begin/

So, there!  No more debate, right?!

What happened to generations being 20 years?

This millennial has significantly more than $100k. But I'm 36! And preferred when I was generation Y.

Anon in Alaska

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Re: 16% of Millennials Saved $100,000
« Reply #18 on: April 15, 2018, 02:45:45 AM »
What happened to generations being 20 years?

It's the grocery shrink ray applied to Generational Cohort Theory.

Baby Boomers (1946 - 1964) = 19 years.
Generation X (1965 - 1982) = 18 years.
Generation Y (1983 - 1999) = 17 years
Generation Z (2000 - 2015) = 16 years
Generation AA (2016 - 2030) = 15 years.

kpetar

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Re: 16% of Millennials Saved $100,000
« Reply #19 on: April 15, 2018, 08:16:52 AM »
Millennials are the lifeblood of many tech companies. With an average starting sallary of $110k+ for engineers it's not surprise at all.

Cali

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Re: 16% of Millennials Saved $100,000
« Reply #20 on: April 15, 2018, 01:19:37 PM »
I thought anyone who likes avocado was a millennial.
It's hard to keep it all straight. LOL!
So not everyone with a smart phone likes avocado?!

Some people have allergies. It's very sad.