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Pennygem
  • 2/23/2024
When it comes to savings among the millennial generation, the news is surprisingly good. Pennygem’s Justin Kircher explains.

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Learning
Transcript
00:00 When it comes to savings among the millennial generation, the news is surprisingly good.
00:08 A new survey from Bank of America shows that almost a quarter of participants ages 24 through
00:14 41 have $100,000 or more in savings.
00:17 The financial institution says this is an increase from its last study when 16% of millennials
00:22 had that much stashed away.
00:24 B of A clarified that this does not mean these individuals have $100K in cash, but rather
00:29 it includes retirement accounts like a 401K or an IRA.
00:33 The U.S. Census Bureau puts the average salary for a millennial around $47,000 per year.
00:39 Using that as an example, CNBC says that if a person was able to save 5% of that salary
00:44 for a 20-year period with a 7% return, that would put the total savings around $96,000.
00:51 Bank of America's study did show that millennials are starting to put away money at an earlier
00:55 age than their parents, starting at an average age of 24 compared to 33 for the baby boomer
01:01 generation.
01:02 As for building a nest egg, Better Money Habits suggests setting savings goals for yourself,
01:08 whether it's having enough money for an emergency fund or long-term planning with an eye on
01:12 retirement.
01:13 Setting up an automatic draft into a savings account or splitting the direct deposit for
01:17 your paycheck are other ways to boost the bucks in your savings.
01:21 [MUSIC PLAYING]

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