Millennials Are Confused After A Survey Says 1 In 6 Of Them Have $100k Saved Up (Interview)
A survey shows that 16 percent of millennials have 100,000 dollars or more saved up. You probably just reacted much the same as the rest of the internet.
Millennials Are Confused After A Survey Says 1 In 6 Of Them Have $100k Saved Up (Interview)
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You probably have a gazillion bazillion doubloons saved up by the time you’re kind of (but not really) grown-up. Sounds completely ridiculous, doesn’t it? Let’s rephrase it in the way the Bank of America put it in its 2018 Winter report: a survey shows that 16 percent of millennials (or roughly one in six 23 to 37-year olds) have 100,000 dollars or more saved up.

Unless you’re one of the few financially savvy, ingenious, or incredibly lucky millennials out there, you probably reacted much the same as the rest of the internet. With disbelief, raised eyebrows, and tears running down your face when you checked the contents of your piggy bank and realized it went piggy-bankrupt in the last economic crash.

Bored Panda reached out to financial expert Sam Dogen who runs the Financial Samurai blog to hear his thoughts on the topic. Scroll down for the full interview.

The internet responded to CNBC’s tweet about the survey’s conclusion with disbelief and a healthy dose of good humor. Some joked about the survey having mixed up the words ‘savings’ and ‘debt,’ others made references to the amount of money having been saved up in The Sims video game.

While still others attacked the report for surveying (in their opinion) ‘too few’ people to make firm conclusions that could extend to the entire millennial generation living in the United States.

“I absolutely believe more than 1 in 6 millennials should have at least 100,000 dollars or more saved up if they ever want to achieve financial independence and not work at a job they hate for the rest of their lives,” Financial Samurai founder Dogen revealed his opinion to Bored Panda.

“Based on my 401(k) savings by age guide, you should have the following saved in your pre-tax retirement account by age:

-100,000 - 300,000 dollars by age 30
-250,000 - 1,000,000 dollars by age 40
-600,000 - 2,250,000 dollars by age 50
-1,000,000 - 5,000,000 dollars by age 60.”

“If you want to retire before 60, you need to save even more in online brokerage account and other non-tax advantageous accounts. You can't withdraw funds from your 401(k) or IRA before 59.5 without a 10% penalty. Here's my after-tax investment amounts by age guide.”

Financial expert Dogen explained that your mindset is incredibly important for your financial future and can help you save money: “You have to get in the right money mindset. If you are already telling yourself it is impossible to save money, of course, you're not going to do everything possible to save money. My #1 piece of advice is: if the amount of money you're saving each month doesn't hurt, you're not saving enough.”

He continued about possible ways to earn and save more money: “After you make saving money painful, then you've got to take on side hustles to make even more money. Freelancing online, driving a car, assembling furniture, tutoring, mowing lawns are examples of some common side hustles.”

“The absolute bare minimum is to save at least 20 percent of your income after tax each month. If 20 percent feels like a lot, don't worry. You will get used to living with 80 percent of your income or working other jobs to boost your income,” Financial Samurai said, noting that people are able to adapt to almost any living conditions. “If 20 percent doesn't feel like enough, it's imperative you keep ratcheting up your savings rate until you need to make lifestyle changes. Your ultimate goal is to try and achieve a 50 percent savings rate after taxes. Once you get there, every year you work will equal one year of living expenses.”

We all live in a fast-paced world and it’s impossible to give our full attention to every tidbit of information that passes across our radars. It’s just how the modern world works. That’s why it’s likely that the millennials criticizing the Bank of America report didn’t read the full report or aren’t focusing on the context.

Because having 100,000 dollars in savings was just a tiny part of the report. What’s more, the figure was right next to this down-to-earth fact: that 47 percent of American millennials have 15,000 dollars or more in savings. Now that sounds much more realistic, doesn’t it?

Moving beyond the Bank of America’s findings, the reality is that a large number of millennials talk about saving money, but few of them have enough financial knowledge to make smart decisions. This is backed by PwC US’ study that found that less than a quarter of recent college graduates have basic financial knowledge. Nearly a third overdraw their checking accounts, while a mere 27 percent seek professional advice on how to save and invest their hard-earned money.

So, dear Pandas, how much money do you have saved up? What’s your bank account number? Those were jokes, don’t answer those. Ever. Instead, tell us your tips for saving money and getting rid of debt!

Comments (113)
Jaclyn Levy
I'm one of the 1 in 6. We max out our 401K contributions each year and have a healthy 4-6 month "emergency fund" in savings. BUT. Both my husband and I graduated college debt free thanks to our parents. We are not "self made" and recognize we wouldn't be where we are without that massive boost.
chi-wei shen
Maybe they mean Zimbabwe Dollar. The actual exchange rate (25 Oct) is 361.90 ZWD = 1.00 US Dollar, so 100,000 ZWD would be 276 USD.
Full Name
I'ma assuming this means "assets", or "net worth" not savings (as in liquid cash in the bank). I can see 1 in 6 having $100,000 worth of equity in a home or something like that. It could be true when you consider the age range. One in six 33-37yr olds certainly could have a net worth of $100,000 or more.
Erik Granqvist
My old math teacher said there are lies, damn lies. And worse then that: statistics. The outcome is about who you ask. To make a good survey, you need go have a method for truly randomize the participants. And you need to have a large enough group to get a true result. And you need to have a method for cleaning up faults. I have never seen a good study made by a news firm.
Alexandra Smith
Considering BofA has one of the higher minimum required balances (I closed my account there because of it) it's no wonder that 1 in 6 of their millennial clients has more than $100k
Erin
I am 45 year old living in a major metropolitan area. I earn a really good living. Most of schooling was paid for by scholarship and grants. I don't have $100K in savings.
Roman Hans
Clearly this “Financial Samurai” thing is looking for publicity. Unfortunately they’re giving us that same old crap advice — bring your lunch to work (yeah, like I know what a $20 lunch tastes like), work a second job (who needs sleep?), and invest wisely (because 2% interest on that $1,000 in savings is nearly $20 a year!) America doesn’t work for most people and it’s offensive when idiots like this pretend it’s our fault.
Muscatta
Ummm yeah I have a quid in my bank till next Tuesday. That money already payed out on bills before I even see any of it. 34 and simply living from paycheck to paycheck. Only thing I save up is a few coppers in the piggy bank each week
Victoria Swift
My husband, a gen xer, managed to have $30K saved when we first got married, he was 40! Guess what? We lost it all thanks to medical debt aquired under Obamacare. Thanks Obummer! Your market packages didn't cover much. Now we are trying in vain to build a new home. Luckily the builders allow you to pay in installments. We drained both our 401K accounts to put down $6K, we still owe another $4K. This is not easy when you have a growing family. It's not like you can romen noodle it every night. It cost what it costs daily. You just can't look at your budget and go, "sorry no more regular diaper changes for you baby, make that one last six hours, we are cutting our spending by a diaper box a month", "toddler, sorry you only get milk at one meal a day the rest is water". Most of these articles are so unrealistic it's laughable.
Caroline Driver
“After you make saving money painful, then you’ve got to take on side hustles to make even more money. Freelancing online, driving a car, assembling furniture, tutoring, mowing lawns are examples of some common side hustles.” And this right here is a huge part of what is wrong with America, although they can't see it.
Daniel (ShadowDrakken)
This guy is high on himself... FFS I have at one point had a 6 figure income (no longer), have been working for 24 years. If I added up all 24 years of income I've come nowhere even remotely close to the $1mil I'm supposed to have in saving. And that's putting 100% of my income into savings. Wealth clearly makes people delusional.
Stephen LeBlanc
I've got way more than $100k saved. Yes my parents helped with my schooling but I worked since i could get a paper route at 10 and part time at real jobs in high school and university. Then i moved to a place in the country where wages are the highest and lived like the lowest.
Redfox
So, when I first started working at age 15 and by now in my mid 50's I ought to have saved 2.5 million bucks? Hmm, I worked it out; If I didn't eat, pay bills, rent, have kids, never bought a car, never caught public transport, never went to a doctor, or had any kind of social life, or owned pets, I think by now I WOULD have that amount saved! How silly of me. What a waste of my life, hey? (frantically looks for a piggy bank whilst eating one baked bean a day for the rest of life.)
Bart Moore
I hope they don’t really mean Savings accounts. What a waste. At 1-2% with inflation it’s one step forward, two steps back.
Rinpai
This whole thing is outrageous, but can we talk about the expectation that everyone should be a millionaire by 50 to 60 years old according to this?
Kai
My bank account will be a disapoint then.
C
Well it specified a 401K. So that's a little different since they didn't save the entire amount themselves. If you start a 401K early enough, it's possible.
Elise Pimenta
I would be very curious on who they surveyed because I don't know of any millennials who have anywhere near that much money saved up, if they have any at all. I feel like with the area I live in, that number would be a lot smaller.
porcupine
I’ve seen this ass before. He was a poor little rich kid growing up (though likes to emphasize how frugal his parents were and how hard it was), got a job at GS straight out of college, then made ~$100,000 on what he admits was a “lucky guess” during the dot com bubble. I’m sure working at such a major financial institution provided access to investment opportunities us lay-people will never see, and add that to (his words) “substantial bonuses,” then yeah, I can see having $100,000 saved by 30-ish. He must be on the whole $350,000-a-year-is-borderline-poverty train.
SBW71
It's from CNBC. They are just as bad and fake as CNN
Nicole Antoku
I’m 32 and in my bank account I currently have... $10..
Joe Breaux
I'm a millenneal. When I was 26 my wife and I (no kids at the time) bought a house. We shocked the loan officer when we declared we had $95k in the bank account. We had saved up ~$85k of that in the past 3 years alone. Now, all that money was already slated to make a lump sum settlement on my even larger loan (not considered a student loan, but it basically was). So yea, we bought a house then paid that thing off them kind of started fresh. Was a lot of days working offshore on oil rigs but it got the bills all paid for and now neither of us have to worry about it.
Trisha Lynn
That's such BS. Their parents might have that much, and they feel entitled to it, but I doubt this is true.
Thomas Es Thomas
I think the post was written incorrectly. I think it should actually read: One in six millennials are in debt over 100k.
Eduard Korhonen
Bullshit ? For the record, I'm GenX and I have about £3k saved, but that's only thanks to recently finding a decent paying job with a modest twice yearly bonus. Spent pretty much 40 years of my life with fuck all. For most people, of all generations, life just doesn't allow for savings. We're all fucked come pension time.
Sean Harrison
Hell, I'm GenX and I only have about $2000 in my bank account, and most of that will have to be used by the end of November to pay bills.
Luis Alba
1 out of 6, the ones not looking to be you tubers
Pug Pug
I have about 350,000 saved right now and I'm only 35. The catch is I have to die to get the pay out.... But on a real note I do live pay check to paycheck, but past me was smart enough to invest in a 401k, not sure if that counts as savings, but I have a little something, still not a 100K though lol.
Bill
Why don't they teach financial literacy in schools?
Bill
$3 Aday for the morning coffeX5 days a weekX52 weeks a yearX20 years equals $15600. Without interest
Miklós Nagy
Maybe they meant 100.000=100$?
Avital Pilpel
What I don't undersatand is why "society" is blamed for people not being rich - as if wealth, and not poverty, is the natural state of mankind. Certainly society needs to take care of the poor, but those not having $100,000 (or any) saving are not starving or homeless.
Isog Sargent
HAhahahahahaha! Not ALL millenials are either poor or stupid.
Samhhain Cat
This makes me hate Boomers even more. Didn't know that was possible.
Trish Greene
Uhhh...the survey was from Bank of America. The infamous company that took houses away from hard working Americans because mortgage lenders inflated their wages making the houses affordable. BoA got money back from selling the houses AND from the Government. I wouldn't believe a word they said.
porcupine
With the 1% holding most of the country’s money in banks (actual banks. Just sitting there.) how are we supposed to get our hands on any of it? We might as well get rid of the gold standard at print money at-will. There’s probably nothing at Fort Knox anyway.
Hugo Raible
Reading these idiotic tweets I can totally understand that 5 out of 6 millenials either chose to study a field without good earning possibilities or just are very ignorant about their own finances.
BusLady
I'm 62, so where is my 5 mill? LOL
Metallicwyrm W.
This comment has been deleted.
Lola
Not it.
Bart Moore
I was fortunate to work at an organization with a retirement plan. 6.5% of my gross salary was put into mutual funds. The best part was that my company matched my contributions with 7.65-% of their own. 14% of gross accrue pretty quick. Best of luck to you to snag a similar benefit package.
Janine B.
Well and 99.9 % of the money belongs to Kylie Jenner.
Brandy Grote
We were able to buy an $800000 house. Dad was going into assisted living, so we used my VA loan to get money from the bank to pay off his HELOC. The house is in a GREAT area, but hasn't been updated in decades and needs constant work. We'll stay in it for the next 30 years at least. The only way we can afford it is I am 100% service disabled plus I have SSDI. I make more on disability than I ever did working. Husband works 2 jobs as well. When I was 30, I was working 4 jobs with Degenerative Disc Disease in my spine, no time to see a dr, and still struggling to pay all the bills. But I was frugal, and once I ditched a lazy partner I did a bit better.
BlackSheep
My wife and myself both have over $100,000 in liquid cash in our respective bank accounts. I am 33 and she is 34, at the end of the day we achieved this by going out of our comfort zone and having worked in 'less-than-favorable' locations in the world before we met one another, I worked throughout Africa and she worked in the Middle East. This survey may not be fully accurate at the end of the day, but it isn't entirely wrong either.
Erik Granqvist
As an accountant, I can tell you this study is total crap. Does not matter wish country you look at. It is just crap.
Ozacoter
I dont even have that much in my Sims games...
Bill
Go to your bank/credit union and have them look at your expenses. Another set of eyes can help set a budget to save and get out of debt.
Hans
Media struggles quite often to distinguish mean and median. Moreover, "saved up" will rather not be current assets but bound to houses, which still have partial mortgages and the like. The "he's how much you should have" turns a maybe useful story finally into a ridiculous attempt to outrage people.
Dave P
I know 2 millenials (one 28 and one 26), both have that much saved up. Their secret? they did productive majors that actually pay (one is an engineer and one works in digital marketing), went to low cost public colleges, payed off all their debt quickly, and live frugally (the engineer started out earning 63k and now earns 75k, good paying field). It can be done, just dont do a humanities major or go to a 50k a year college. Make smart choices when starting out, and then be frugal.
Steve Saunders
Who did they survey, Major League Baseball?!
Jeff Requier
I am 40 and I get super pissed off when people say I am part of the Millennial generation, and than those same people use Millennial like theyre talking about 20 year olds.
Mewton’s Third Paw
Okay well that’s less than 20% of millennials so yeah that sounds right to me. Over 80% of millennials DONT have $100,000 saved up and less than 20% do. The 16% that DO are probably a mix of upper middle class / upper class people, college grads who started early and got lucky, and some entrepreneurs. This is from a sample of savings account holders. It’s not a fair look at how hard it really is for everyone from Gen X to Millennials to Gen Z. I have over $100,000 but it’s not really in a savings account and it’s not exactly money I’ve “saved,” it’s money I’m flipping. I need that money to make more money, so I am part of the 84% too despite having the physical money and assets.
K B
The oldest millennials will turn 38 this year, nearly everyone I went to high school with own homes, have good jobs, families, etc. This is not that crazy when you think of the vast age range this covers. Millenials get a bad rap for no good reason at all really. They are the most educated generation by far, but were hammered hard by having their careers stalled or derailed by the recession, as many were just out of college at that time and starting their career path. They were handed a sh!tty hand but are clearly making the best of it.
Ceredwyn Ealanta
I'm going to assume that someone averaged across the population instead of looking at the median, and as a result a few billionaire inheritors have skewed everyone else.
LowCountry Lion
I'm one of the 1 in 6, Assuming it means assets, not cash in a savings account. 37 with No parents help. No College Debt. and no College degree. Military background. Max out 401k contributions for over 15 years + emergency saved funds. I also don't eat avocado toast or drink Starbucks.
Herb Eaversmells
Maybe I'm ignorant, but that doesn't seem that impossible. My wife and I dont make ridiculous money, but in our mid 30s we have quite s lot saved. A 401k with a company match over time adds up. My wife has no,college degree and started working as a server in a hotel bar. 14 years later,with the same company now works in upper management in finance with the,same chain.
Bill
Millenials are 23-38 so they should have somewhere clise. A 38 year old has been working about 20 years
Bill
Depends on what choices you make. Dunkin Donuts every morning, the latest $1k cellphone every couple years, 10 online subscriptions , new cars add up pretty fast. Oh and not buying into the borrow money for college scam
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