51% of Millennials have less than $1000 in savings

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MontyBrunswick's avatar

MontyBrunswick

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846 posts
Dec 11, 2015 3:33 PM
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
Dec 11, 2015 3:33pm
Midstate01's avatar

Midstate01

Senior Member

14,766 posts
Dec 11, 2015 3:37 PM
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.
Dec 11, 2015 3:37pm
B

bigkahuna

Senior Member

4,454 posts
Dec 11, 2015 3:49 PM
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
Dec 11, 2015 3:49pm
Automatik's avatar

Automatik

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14,632 posts
Dec 11, 2015 4:25 PM
We are.

'84 here.
Dec 11, 2015 4:25pm
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Belly35

Elderly Intellectual

9,716 posts
Dec 11, 2015 4:38 PM
49 here ... VA money, SS money, Retirement Money, Saving Money hope this helps
Dec 11, 2015 4:38pm
Commander of Awesome's avatar

Commander of Awesome

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23,151 posts
Dec 11, 2015 5:26 PM
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.
Dec 11, 2015 5:26pm
ZWICK 4 PREZ's avatar

ZWICK 4 PREZ

Senior Member

7,733 posts
Dec 11, 2015 5:33 PM
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.
Dec 11, 2015 5:33pm
sleeper's avatar

sleeper

Legend

27,879 posts
Dec 11, 2015 5:39 PM
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!"
Dec 11, 2015 5:39pm
sleeper's avatar

sleeper

Legend

27,879 posts
Dec 11, 2015 5:41 PM
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.
Dec 11, 2015 5:41pm
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HitsRus

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9,206 posts
Dec 11, 2015 5:42 PM
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.
Dec 11, 2015 5:42pm
MontyBrunswick's avatar

MontyBrunswick

Senior Member

846 posts
Dec 11, 2015 5:49 PM
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
Dec 11, 2015 5:49pm
iclfan2's avatar

iclfan2

Reppin' the 330/216/843

6,360 posts
Dec 11, 2015 6:31 PM
Not shocked, I'd consider 90% of Americans, young or old, to be borderline financially retarded, and stupid in general.
Dec 11, 2015 6:31pm
HitsRus's avatar

HitsRus

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9,206 posts
Dec 11, 2015 6:33 PM
iclfan2;1769067 wrote:Not shocked, I'd consider 90% of Americans, young or old, to be borderline financially retarded, and stupid in general.
This.
Dec 11, 2015 6:33pm
Commander of Awesome's avatar

Commander of Awesome

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23,151 posts
Dec 11, 2015 6:43 PM
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)
Dec 11, 2015 6:43pm
Heretic's avatar

Heretic

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18,820 posts
Dec 11, 2015 6:54 PM
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.
Dec 11, 2015 6:54pm
ZWICK 4 PREZ's avatar

ZWICK 4 PREZ

Senior Member

7,733 posts
Dec 11, 2015 7:23 PM
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.
Dec 11, 2015 7:23pm
Automatik's avatar

Automatik

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14,632 posts
Dec 11, 2015 8:56 PM
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.
Dec 11, 2015 8:56pm
MontyBrunswick's avatar

MontyBrunswick

Senior Member

846 posts
Dec 11, 2015 9:07 PM
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
Dec 11, 2015 9:07pm
Automatik's avatar

Automatik

Senior Member

14,632 posts
Dec 11, 2015 10:05 PM
I'm doing rather well.

You seem like a miserable old fuck.

Hope this helps.
Dec 11, 2015 10:05pm
FatHobbit's avatar

FatHobbit

Senior Member

8,651 posts
Dec 11, 2015 10:09 PM
I have very little in savings. I put most of my "excess money" into my 401k, hsa and company stock.
Dec 11, 2015 10:09pm
S

Sonofanump

Dec 11, 2015 10:18 PM
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.
Dec 11, 2015 10:18pm
G

gut

Senior Member

15,058 posts
Dec 11, 2015 10:42 PM
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.
Dec 11, 2015 10:42pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Dec 12, 2015 9:48 AM
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...
Dec 12, 2015 9:48am
Heretic's avatar

Heretic

Son of the Sun

18,820 posts
Dec 12, 2015 10:53 AM
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?
Dec 12, 2015 10:53am