Millennials are saving more and their money habits are improving.
Nearly a quarter of people aged 24-41 who save have more than $100,000 in savings, up from 16% in 2018, according to a new report from Bank of America.
“Today’s millennials are more serious about their finances than we’ve seen historically,” said Andrew Plepler, global head of environmental, social and governance at Bank of America. “They have more financial acumen than people suspect.”
More than half regularly check account balances or track their expenses, and 46% pay their credit cards in full each month, according to the study. Nearly 40% have boosted their credit score in the past year.