When it comes to savings among the millennial generation, the news is surprisingly good. Pennygem’s Justin Kircher explains.
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00:00when it comes to savings among the millennial generation the news is
00:07surprisingly good a new survey from Bank of America shows that almost a
00:11quarter of participants ages 24 through 41 have $100,000 or more in savings the
00:17financial institution says this is an increase from its last study when 16% of
00:22Millennials had that much stashed away B of A clarified that this does not mean
00:26these individuals have 100k in cash but rather it includes retirement accounts
00:31like a 401k or an IRA the US Census Bureau puts the average salary for a
00:36millennial around $47,000 per year using that as an example CNBC says that if a
00:42person was able to save 5% of that salary for a 20-year period with a 7% return
00:47that would put the total savings around $96,000 Bank of America's study did show
00:52that Millennials are starting to put away money at an earlier age than their
00:56parents starting at an average age of 24 compared to 33 for the baby boomer
01:01generation as for building a nest egg better money habits suggest setting
01:06savings goals for yourself whether it's having enough money for an emergency fund
01:10or long-term planning with an eye on retirement setting up an automatic draft
01:14into a savings account or splitting the direct deposit for your paycheck are other
01:18ways to boost the bucks in your savings