By Alexandra Frost
Millennials have been labeled lazy, self-serving, technology-addicted and careless spenders. But a recent study by Bank of Americamay help break down those stereotypes.
Turns out this age group — classified in the study as those between 23-37– is turning away from meaningless spending, and instead stashing money away for the future at surprising rates.
Around one of six millennials has at least $100,000 in savings. Nearly half have $15,000. Their habits are nothing to scoff at either, with nearly three of of four millennials creating and sticking to a budget each month.
But millennials themselves don’t even realize how well they are doing, according to the survey’s perception studies.
“Seventy-three percent of millennials say their generation overspends, and 64 percent believe that their generation is bad at managing money,” Bank of America revealed, demonstrating the significant disconnect between millennials’ generational self-image and reality.
According to Fortune, which further analyzed the study’s statistics, about 1,500 people were surveyed, broken down into “older millennials” (ages 28-37) and “younger millennials” (ages 23-27). The statistics included any money the millennials had stocked away in Roth accounts, 401ks, checking and savings accounts, and all other investments and retirements accounts.
Andrew Plepler, global head of environment, social, and governance at Bank of America, told Fortune that these statistics demonstrate significant growth, as millennials with $15,000 or more in savings increased this year.
He said this age group seems to be “adapting the savings habits a bit more rigorously, with a bit more discipline and a bit more intensity than even the older millennials and boomers. We’re seeing their saving habits start earlier.”
A 2015 Bank of America survey reported that 78 percent of millennials believe conversations about money should begin before the teenage years.
