A new study by Bank of America entitled Better Money Habits Millennial Report recently came to the defense of the generation when it reported that:
“Millennials deserve more credit – both from themselves and from others – for their mindfulness when it comes to money and their lives.”Here are some key takeaways from the study proving that millennials deserve more credit for what they are already doing:
- 63% are saving – (47% have $15,000 or more in savings)
- 54% are budgeting – (73% who have a budget stick to it every month)
- 57% have a savings goal – (67% who have a goal stick to it every month)
- 46% have asked for a raise in the past 2 years – (80% who asked for a raise got one)
- 59% feel financially secure – (16% have $100,000 or more in savings)
Danielle Hale, realtor.com’s Chief Economist, gave some insight into why millennials are looking to sell,
“The housing shortage forced many first-time homebuyers to consider smaller homes and condos as a way to literally get their foot in the door. Our survey data reveals that we may see more of these homes hitting the market in the next year.”