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The Daily

Survey: 51 Percent of People 18-34 Have Less Than $1000 in Savings

By:
Chris Gaetano
Published Date:
Dec 14, 2015
tightropeA survey of 2,585 people aged 18-34, commonly referred to as Millennials, have less than $1,000 in savings, according to cost information website HowMuch.net, meaning that in they have little to no cushion to fall back on in the event of an emergency. Breaking things down further, women, at 56.7 percent, are more likely to have less than $1,000 in savings than men, at 46.5 percent. Understandably, those with more income tend to have more savings: 50 percent of people in the same age group have more than $20,000 stashed away, provided they make more than $150,000. Meanwhile, if you're a young person who makes between $25,000 to $49,000 annually, there's a 56.3 percent chance you're in the under-$1000 club. 

While this might seem dire, it may actually be better than the population as a whole: a study from BankRate.com towards the beginning of this year showed that 62 percent of people in general have no emergency savings at all.