Money

Here's how much the average millennial has in savings

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Mike Harrington | Getty Images

When it comes to saving money, Americans are falling short. According to a 2016 GOBankingRates survey, 69% of Americans have less than $1,000 in their savings accounts — and 34% have no savings at all.

Millennials are no exception.

And one of the biggest mistakes financial advisers see young people make is spending more than they earn and living above their means.

Of "young millennials" which GOBankingRates defines as those between 18 and 24 years old 72% have less than $1,000 in their savings accounts and 31% have $0. A sliver (8%) have over $10,000 saved.

"Older millennials" — defined as those between 25 and 34 aren't doing much better: 67% have less than $1,000 in their savings accounts, 33% have nothing at all, and 15% have over $10,000.

GOBankingRates broke down savings by multiple age ranges, so you can see how you stack up against your peers:

How much should you have tucked away?

Ideally, you want to have three to six months' worth of living expenses saved in an emergency fund, certified financial planner Carolyn McClanahan tells CNBC. But, she adds, "when you're first starting out, there might be some other things you need to do before getting to that goal, such as paying off debt."

That being said, "you always want to have one month in advance," McClanahan says. "That way, you're not living paycheck to paycheck." Plus, if an emergency does arise, you're less likely to have to go into debt to cover it.

Strive to be outside of the unprepared 69% and start building up your savings account today.