Better Money Habits® Millennial Report

For our 2018 Better Money Habits Millennial Report, we set out to understand how the millennial generation (age 23-37) approaches their finances. As a new extension this year, we expanded the survey to include other generations to learn how millennials stack up against older Americans. The takeaway? It turns out that millennials are much better at managing money than they are typically given credit for.

Our report found:

  • Millennials are saving (63 percent), and are more likely to say they have a savings goal (57 percent) than members of Gen X (42 percent) and Baby Boomers (42 percent).
  • Millennials are just as likely to budget as older generations. 54 percent of millennials plan and manage a budget, compared to 54 percent of Gen Xers and 57 percent of Baby Boomers.
  • Despite relatively strong savings habits, saving enough remains a top source of financial stress for young adults, 73 percent of millennials say they worry about money often/sometimes.
  • This stress is compounded by a misperception that millennials aren’t savvy money managers. Roughly three quarters of Americans surveyed (age 18 to 71) say that millennials overspend on indulgences and will have trouble meeting long-term goals. Even millennials themselves think so: 73 percent agree with this characterization.
  • Still, 47 percent of millennials have $15,000 or more in savings and 16 percent have $100,000 or more in savings.

For complete findings, download the 2018 report.

Since 2014, Bank of America has surveyed thousands of young adults to understand their outlook with respect to their finances. The research is an extension of the work we do through Better Money Habits, our financial education platform of tools and information that helps people make sense of their money and take action to improve.


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