1 in 4 have $100,000 stashed away

1 in 4 have $100,000 stashed away

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Younger Americans get a bad reputation when it comes to managing their finances, but it turns out they’re stashing money away for retirement earlier than previous generations, according to a new Bank of America survey.   

Millennials – Americans between the ages of 24 and 41 – started saving for retirement at 24 on average, well before Generation Xers at 30 and baby boomers at 33, according to the bank’s 2020 Better Money Habits Millennial Report released Thursday, which surveyed 1,903 respondents.

Significantly more millennials are socking money away despite facing debt woes.Nearly 3 in 4 of them are saving, up 10 percentage points in two years. Roughly a quarter of millennials have $100,000 or more set aside, up from 16% in 2018.

They’re also practicing positive money habits. Over the past year, nearly 40% of millennials boosted their credit score, 29% secured a raise and 24% saved more money for retirement.

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