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Millennials are saving more than you think

Millennials have been stereotyped as a generation that lacks savings or money management skills. But the data isn’t backing that up. Sixteen percent of millennials ages 23 to 37 have $100,000 or more in savings, which is double the number of young people who had that much stowed away in 2015, a newly-released survey from Bank of America shows. Nearly half – or 47 percent – have $15,000 saved, up from 33 percent in 2015. 

Sixty-three percent of millennials surveyed say they are saving, compared to 64 percent of Generation X and 75 percent of baby boomers. Fifty-four percent of millennials say they have a budget; 60 percent say they “feel financially secure.”

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