Millennials make for strong savers, budgeters, study says

Posted at 3:12 PM, Feb 13, 2018
and last updated 2018-02-13 19:14:58-05

Despite what some may think about millennials as lazy, careless spenders. But, that's not always the case, according to a new study from Bank of America. In fact, millennials show strong saving and budgeting habits.

The study looked at people between 23 and 37 years old, and has been keeping tabs on millennial spending habits the past few years as well.

The study shows sixteen percent of millennials, about one in every six, has at least $100,000 in savings. Nearly half, 47 percent, have $15,000 or more saved up.

But, not even millennials were aware their generation may be that financially responsible. The majority of millennials in the study, 73 percent, think their generation overspends and 64 percent think their generation is "bad at managing money".