A 2018 Bank of America survey found that 1 in 6 millennials — which BoA defined as those between age 23 and 37 — now have $100,000 or more in savings. That's impressive, considering few Americans can cover a $1,000 emergency. But that stat doesn't tell the whole story: While some millennials are increasingly proving to be savvy savers, many other young people are not making progress at holding onto their cash.
A 2017 GoBankingRates survey found that most "young millennials" — which GBR defines as those between 18 and 24 years old — had less than $1,000 in their savings accounts. Nearly half had nothing saved at all.
To make matters worse, the share of millennials with $0 in savings is on the rise. In 2016, 31 percent had $0, compared to 46 percent in 2017.
Note that the two reports look at a slightly different samples: BoA defines millennials as those between 23 and 37, while GBR defines the generation as those between 18 and 34. Regardless, GBR looked at the same population in 2016 and 2017 and found a higher proportion of young people had trouble saving anything in 2017.