The Majority of Millennials Have $1,000 or Less in Savings
Millennials are projected to number 75.3 million for 2015, surpassing a projected 74.9 million for Baby Boomers. The Millennials will therefore comprise a greater percentage of the population than Baby Boomers for the first time. To gain insight into the saving habits of Millennials, we recently performed a survey of those from the ages of 18 to 34. We received 2,585 responses to our survey. The results of our survey found that over 50% 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. The rest of our findings can be analyzed with the visualizations below:
For those surveyed, we found that: 51.8% of Millennials have less than $1,000 in savings. 18% of Millennials have savings of $1,000 to $5,000. 7.3% of Millennials have savings of $5,000 to $10,000. 6.4% of Millennials have savings of $10,000 to $20,000. 16.5% of Millennials have savings of more than $20,000.
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