Millennials Not Saving

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Source: Bustle

Millennials are projected to number 75.3 million for 2015, surpassing a projected 74.9 million for Baby Boomers. Millennials will therefore comprise a greater percentage of the population than Baby Boomers for the first time. conducted a survey to gain insight into the saving habits of this age group. Since millennials are growing as a percentage of the population, their savings and spending habits will increasingly have a major impact on the overall economy.

Making sense of the story

More than 50 percent of millennials have less than $1,000 in savings. This would indicate that most millennials do not have a cushion to fall back on in case of an emergency, not to mention the funds for a down payment on a home.
The survey found 56.3 percent of millennials earning $25,000 to $49,000 had less than $1,000 in savings. This compared with 31.2 percent of those earning $75,000 to $99,999.
Among those earning $100,000 to $149,000, 14.8 percent had savings of $5,000 to $10,000.
Also, 14.3 percent of those with savings of $10,000 to $20,000 were those millennials with incomes in excess of $150,000, the highest percentage in that range of savings.
For a gender comparison, 56.7 percent of females have less than $1,000 in savings as compared to 46.5 percent for males.
Notably, 57.6 percent of respondents from the ages of 18 to 24 have less than $1,000 in savings. This compared to 47.1 percent of those from the ages of 25 to 34.
For savings of $1,000 to $5,000, 19.6 percent of respondents from 18 to 24 had savings in this range, compared to 16.6 percent of those from 25 to 34.

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