If you've read the latest headlines, you know millennials get a mixed financial rap. Some reports say they're throwing their money away on avocado toast and dining out, while others claim they're killing the earnings of restaurant chains by cooking at home more.
Whatever you believe about their financial habits, some millennials at least are sitting on six-figure retirement accounts. In a Fidelity Investments analysis of 59,000 millennials — those born between 1981 and 1997 — who have participated in their company's 401(k) plan for 10 years, the average balance was $109,400 at the end of June 2017.
This isn't thanks to rich parents. These savers can't all work in investment banking. And odds are that at least some have student loan balances. Rather, the common thread — and secret to a fat 401(k) — is consistency.