According to survey conducted by Bank of America, the bank that is now charging its poorest customers a monthly fee just to maintain a checking account, 16 percent of millennials have $100,000 or more in savings.
Here are some other things the survey, which relies on self-reported responses, found about my generation, according to a writeup in USA Today, the outlet I just knew in my fucking bones would be the source of this story:
- 35 percent say they are not saving enough
- 21 percent say they are not planning and saving for retirement
- 20 percent say they can’t afford a home
- 26 percent say they work in the gig economy
And then there are the 16 percent who say they have $100,000 or more in savings.
Fox News doubts this:
“I have to tell you this, sometimes people lie to surveys,” the person in this clip who is not Shep Smith says to Shep Smith.
Now please allow me to directly address the 16 percent of millennials who are apparently pretty rich (other millennials don’t read this):
As a millennial myself, I have more respect for you than to laugh at you on afternoon television or doubt your savings. I know the Pew Research Center reported in 2017 that more millennial households are in poverty than households headed by any other generation. I also know that general trends suggest a downward trajectory in our financial standing compared to our parents’ generation at this point in their lives. And I also know that the Bank of America survey defined millennials all the way up to 37 years old, which surely had nothing to do with the responses they received in regards to savings.
I am here to say that I believe you when you say that you, specifically, are pretty rich, and also not almost 40.
That said, I am a journalist and must do my due diligence, so please leave your bank information and associated passwords in the comments so I can check this out and tell the world they were wrong to doubt you!