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51% of Millennials have less than $1000 in savings

  • MontyBrunswick
    http://howmuch.net/articles/how-much-millennials-have-saved-up

    Smh another strike against the worst generation. Too busy buying what is the new thing. Phones, tablets and computers.

    Completely disgraceful
  • Automatik
    More like 62% of the entire fucking country.

    http://www.marketwatch.com/story/most-americans-have-less-than-1000-in-savings-2015-10-06
  • Midstate01
    Used to be this way. Lived paycheck to paycheck, bought what I wanted, not what I needed. Being married and having a child changed that.

    Key was using any extra money we had to pay on the bill of the highest priority. Till we were out of debt. Then started saving all that extra. Now we bought a car with cash and am saving for the next one.

    Everyone is different but that's how we did it.
  • bigkahuna
    I don't waste my money on things I don't need, but I don't have $1000 in savings either. I have college debt weighing me down, and that takes a good chunk of my money outside of the normal house and car bills.

    I don't think I'm a millenial though; I was born in '86
  • Automatik
    We are.

    '84 here.
  • Belly35
    49 here ... VA money, SS money, Retirement Money, Saving Money hope this helps
  • Commander of Awesome
    Student Loan Debt, and lack of foresight seem to be the #1 reason here. I see it at my office. I work in a young office, most ppl between the ages of 22-28, and most spend more $$$ than they should to live in a "safe" area AND a nice place. Then spend the rest going on big vacations, going out, eating out lunch every day, etc...

    Weird talking to ppl just starting out in their careers who have rents significantly higher than mine.
  • ZWICK 4 PREZ
    I didn't when I first started my career. Now I put more than that in monthly. They'll get there. Sometimes it takes awhile.
  • sleeper
    Such a dumb study. Might as well have a study that says "100% of 0-16 year olds have no jobs, less than $100 in savings, live with their parents, and don't even have a college degree!"
  • sleeper
    Commander of Awesome;1769057 wrote:Student Loan Debt, and lack of foresight seem to be the #1 reason here. I see it at my office. I work in a young office, most ppl between the ages of 22-28, and most spend more $$$ than they should to live in a "safe" area AND a nice place. Then spend the rest going on big vacations, going out, eating out lunch every day, etc...

    Weird talking to ppl just starting out in their careers who have rents significantly higher than mine.
    No different than any other generations at this age. Boomers also did all of this while racking up $20T in national debt.

    I'll take the financial prowess of millenials any day over that of the Boomers.
  • HitsRus
    Historically, Low interest rates discourage savings also.

    it's really about having a financial plan, and the discipline to "pay your self first" no matter what.
  • MontyBrunswick
    sleeper;1769060 wrote:I'll take the financial prowess of millenials any day over that of the Boomers.

    the link says otherwise.

    a generation of lazy entitled (broke) brats
  • iclfan2
    Not shocked, I'd consider 90% of Americans, young or old, to be borderline financially retarded, and stupid in general.
  • HitsRus
    iclfan2;1769067 wrote:Not shocked, I'd consider 90% of Americans, young or old, to be borderline financially retarded, and stupid in general.
    This.
  • Commander of Awesome
    ZWICK 4 PREZ;1769058 wrote:I didn't when I first started my career. Now I put more than that in monthly. They'll get there. Sometimes it takes awhile.
    Humblebrag Alert. GUISE ZWICK WANTS YOU TO KNOW HE SAVES A LOT OF MONEY (BC HE MAKES A LOT, LIKE A LOT, YOU CANT EVEN IMAGINE HOW MUCH YOU LOSER)
  • Heretic
    MontyBrunswick;1769042 wrote:http://howmuch.net/articles/how-much-millennials-have-saved-up

    Smh another strike against the worst generation. Too busy buying what is the new thing. Phones, tablets and computers.

    Completely disgraceful
    Automatik;1769044 wrote:More like 62% of the entire fucking country.

    http://www.marketwatch.com/story/most-americans-have-less-than-1000-in-savings-2015-10-06
    MontyBrunswick;1769062 wrote:the link says otherwise.

    a generation of lazy entitled (broke) brats
    Well, if 51% of millennials are in that sub-1K class and 62% of Americans overall are, that would go to show that millennials are above the curve in comparison to Americans in general. Despite having less time to gain and hoard wealth. Which makes your second post appear to be you going pure Footwedge by going all-in on your initial stupidity. I like to be entertained, so please continue.
  • ZWICK 4 PREZ
    Commander of Awesome;1769069 wrote:Humblebrag Alert. GUISE ZWICK WANTS YOU TO KNOW HE SAVES A LOT OF MONEY (BC HE MAKES A LOT, LIKE A LOT, YOU CANT EVEN IMAGINE HOW MUCH YOU LOSER)
    Shocked it went over your head. Shocked!!!
    The point isn't how much money you make or don't make, it's about when you get to a point where initial debts and incurred costs ( student loans, first car, etc...)are finally paid and you have extra disposable income that you didn't have early on in your career. But by all means, continue to be your insufferable self.
  • Automatik
    iclfan2;1769067 wrote:Not shocked, I'd consider 90% of Americans, young or old, to be borderline financially retarded, and stupid in general.
    Consider the OP.
  • MontyBrunswick
    Heretic;1769070 wrote:Well, if 51% of millennials are in that sub-1K class and 62% of Americans overall are, that would go to show that millennials are above the curve in comparison to Americans in general. Despite having less time to gain and hoard wealth. Which makes your second post appear to be you going pure Footwedge by going all-in on your initial stupidity. I like to be entertained, so please continue.
    Lol, now you're trying to rationalize the ignorance of the millennial generation. Lmao

    Not surprised. The spoiled entitled children love to blame everyone else for their problems
  • Automatik
    I'm doing rather well.

    You seem like a miserable old fuck.

    Hope this helps.
  • FatHobbit
    I have very little in savings. I put most of my "excess money" into my 401k, hsa and company stock.
  • Sonofanump
    FatHobbit;1769085 wrote:I have very little in savings. I put most of my "excess money" into my 401k, hsa and company stock.
    I believe this is the way to go, as long as your net worth is easily liquid and can be transferred for emergencies.
  • gut
    FatHobbit;1769085 wrote:I have very little in savings. I put most of my "excess money" into my 401k, hsa and company stock.
    For purposes of this study, I think, 401k would be considered savings. On a related note, a huge percentage - maybe over 40% - leave money on the table not contributing enough (if at all) to get their full employer match.

    Nothing new - the vast majority of Americans for some time have only had equity in their house and social security as their retirement nest egg.

    And I'm shocked, absolutely shocked, that financially illiterate parents have financially illiterate children. It was drilled into me that just because I had the cash didn't mean I could actually afford that nicer apartment or nicer car.
  • ernest_t_bass
    I'm indifferent on this issue. I mean, if they are budgeting properly, then OK. You can't take this fucking money with you when you go...
  • Heretic
    MontyBrunswick;1769076 wrote:Lol, now you're trying to rationalize the ignorance of the millennial generation. Lmao

    Not surprised. The spoiled entitled children love to blame everyone else for their problems
    Nope, just highlighting your foolishness. Which is kind of like shooting fish in a barrel, but I'm in a lazy mood and don't feel like challenging myself today. It's the weekend and all, you know?