Millennials are pushing back against the stereotype that their money management skills are lacking, as 16 percent now have savings of $100,000 or more, double the amount of young people who had socked away that much in 2015, according to a new Bank of America survey.
The perception that millennials — Americans between the ages of 23 and 37 — lack savvy when it comes to saving for retirement, budgeting and setting up and sticking to a financial plan is showing signs of being outdated, noted the survey, made available exclusively to USA TODAY.
Despite many of these young Americans coming of age a decade ago during the worst financial crisis since the Great Depression and despite being saddled with high student loan debt, millennials appear to be getting their financial lives in order and taking money matters more seriously.
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Sixteen percent say they have $100,000 or more in savings, up from 8 percent in 2015. And nearly half (47 percent) have $15,000 socked away, up from 33 percent in 2015.
"Despite stereotypes of millennials as being foolish with money and not long-term planners," they are actually behaving "quite responsibly" when it comes to money, says Andrew Plepler, global head of environmental, social and governance at Bank of America, summarizing the findings of the bank's 2018 Better Money Habits Millennial Report released Tuesday. "They deserve more credit. Millennials are actually doing better than you — and they — might think."