Does just thinking about your savings account make you cringe?
You’re not alone – according to a new 2016 GOBankingRates survey, 34% of Americans have no savings at all. Almost 70% have less than $1000 socked away. So, if your nest egg is a little anemic right now, you’re sadly playing par on the personal finance course.
Related: How To Catch Up On Retirement Savings
The survey broke down the savings statistics into categories based on age groups, and the results were pretty surprising.
Young Millennials (aged 18-24), who so often get a bad rap for being too in-the-moment and less financially prudent that their predecessors are actually more likely to save than any other age group. In fact, only 31% of Young Millennials don’t have any savings.
The flip side is that this group is the most likely to have less than $1000 saved, with 41% having less than a grand in the bank. But, they are saving. Approximately 8% have savings of $10,000 or more.
Turn to the Older Millennials, and the stats show similar trends in the lower savings categories, but the number of adults aged 25 to 34 with over $10,000 in savings jumps to 15%. This percentage is consistent with both the Young (35 to 44 years old) and Old Gen X’ers (45 to 54 years old), 16% of whom have savings of over $10,000. The Baby Boomers (55 to 64 years old) are squeaking in just ahead with 17% having savings of over the $10,000 mark.
Seniors (aged 65+) are the most likely to have savings accounts of over $10,000, with 23% having at least that number in their saving accounts. While Young Millennials are surprisingly saving more frequently than older individuals, the survey made clear that seniors save the most; approximately 37% of seniors have savings of over $1,000, the largest percentage of the age groups.
The survey demonstrates that the idea of saving for major purchases, vacations, a house or just for a rainy day is not completely lost. The young are saving – not nearly enough – but they are saving. It’s a start!
