Believe It or Not: Most Millennials Have Less Than $1,000 in Savings [infographic]

The majority of millennials are living paycheque to paycheque according to a recent survey by HowMuch.net

Now while this survey was conducted in America, I’m sure the same applies here.

They found that 51.8% of those aged 18-34 have less than $1,000 held between bank accounts and cash savings.

Visual Capitalist summarised the findings in this Infographic:

Courtesy of: Visual Capitalist

YOUNGER VS. OLDER MILLENNIALS

The broad survey data can be further divided into “younger” and “older” millennial segments: those aged 18-24, vs. those between 25-34.  

Based on the survey question, an intuitive expectation would be that younger millennials are much more likely to have less than $1,000 in savings.

After all, many of the people in this group would still be in school, and many are struggling with student debt.

However, the difference is far less than one may expect.

While it is true that 57.6% of the younger demographic has less than $1,000 in savings, the older group is not much better off with almost half (47.1%) of them being in the same boat.

This shows that many millennials in their late 20s and early 30s are still not able to generate substantial savings.

MALE VS. FEMALE MILLENNIALS men women

There is also a significant divide between male and female millennials here, with 56.7% of females having less than $1,000 in savings.

Compare this number to the male percentage of 46.5%, and it is clear there is a substantial divide between genders.

Lastly, males are also more likely to have a substantial amount stored away in their bank account.

According to the survey, 21.5% of males have more than $20,000 of savings, while only 11.9% females can say the same.



Want more of this type of information?


About

Michael is a director of Metropole Property Strategists who create wealth for their clients through independent, unbiased property advice and advocacy. He's been once agin been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


'Believe It or Not: Most Millennials Have Less Than $1,000 in Savings [infographic]' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.
CAPTCHA Image

*

0
0

Michael's Daily Insights

Join Michael Yardney's inner circle of daily subscribers.

NOTE: this daily service is a different subscription to our weekly newsletter so...

REGISTER NOW

Subscribe!